DBT Bureau
Pune, 30 August 2024
At the Global Fintech Festival (GFF) 2024, Shri Shaktikanta Das, Governor of the Reserve Bank of India (RBI), unveiled two new products developed by the National Payments Corporation of India (NPCI). The new offerings are Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across various ERPs and accounting platforms, and UPI Circle, which facilitates delegate payments to users. These solutions are intended to boost inclusivity, security, and efficiency within India’s digital payment ecosystem.
The launch took place in the presence of Shri Nandan Nilekani, Non-Executive Chairman, Infosys and Advisor to NPCI, and Shri Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI.
Bharat BillPay for Business (B2B Platforms)
The RBI Governor announced the expansion of BBPS services to cater to business enablement platforms, streamlining B2B payments and collections. This development is expected to change the landscape of business payments across the country through a single, centralised, interoperable platform. Bharat BillPay for Business aims to standardise, simplify and automate various invoice payment processes for day-to-day business operations irrespective of the size of the business. Offerings like business onboarding, search and add a business, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, financing, AR (Accounts Receivable) and AP (Accounts Payable) dashboard, and online dispute resolution are built in this platform. Banks, Enterprise Resource Planning (ERPs) and B2B fintechs alike can now connect with BBPS for Business and offer their clients a holistic solution.
This solution will empower businesses to seamlessly digitalise the existing manual processes, and enhance the services offered by B2B players by on-boarding these businesses on a comprehensive and interoperable digital invoice and payment solution.
UPI Circle (Delegate Payments)
The RBI Governor launched UPI Circle, wherein UPI users can delegate payments to their trusted secondary users.
UPI Circle is a feature enabling UPI user to act as a primary user linking with trusted secondary users on the UPI App for either partial or full delegation of payments. In full delegation, the primary user authorises a trusted secondary user to initiate and complete UPI transactions as per defined spend limits. In partial delegation, the primary user authorizes the initiation of payment requests from secondary users. The primary user then completes the UPI transaction with a UPI PIN. A primary user can delegate to up to 5 secondary users and a secondary user can accept delegation from only one primary user.
Full delegation allows a maximum monthly limit of Rs 15,000 per delegation and a maximum per transaction limit of Rs 5000. Existing UPI limits shall be applicable in case of partial delegation.
