In a defining moment for India’s fintech landscape, Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled two transformative digital payment initiatives at the Global Fintech Festival (GFF) 2024 in Mumbai on August 28.

Developed by the National Payments Corporation of India (NPCI), these new offerings—Bharat BillPay (BBPS) for Business and UPI Circle—are set to enhance the inclusivity, security, and efficiency of the nation’s digital payment ecosystem.

BBPS for Business

The Bharat BillPay System (BBPS) for Business is designed to revolutionise business-to-business (B2B) transactions across diverse Enterprise Resource Planning (ERP) and accounting platforms. By centralising and automating the invoice payment process, BBPS for Business aims to simplify B2B payments, offering a unified, interoperable platform for businesses of all sizes.

This platform brings many features, including business onboarding, purchase order (PO) creation, invoice management, automated payment reminders, guaranteed settlements, and an online dispute resolution system.

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By integrating Accounts Receivable (AR) and Accounts Payable (AP) dashboards, BBPS for Business provides businesses with a comprehensive solution for managing day-to-day operations. It also supports financing options, making the shift from manual processes to a fully digital payment and invoicing system smoother and more efficient.

UPI Circle: Expanding the Horizon of Delegated Payments

The second major initiative, UPI Circle, introduces a new dimension to digital payments by allowing UPI users to delegate payment responsibilities to trusted secondary users. UPI Circle offers two delegation modes—partial and full.

In full delegation, the primary user authorises a secondary user to initiate and complete UPI transactions capped at ₹15,000 per month and ₹5,000 per transaction. Partial delegation allows the secondary user to initiate payment requests, which the primary user completes using their UPI PIN.

With UPI Circle, users can link up to five secondary users to a primary account, though each secondary user can only accept delegation from one primary user. This feature is poised to broaden UPI’s flexibility and usability, making digital transactions more accessible and user-friendly.

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During the launch, a live demonstration of UPI Circle was conducted using popular UPI-enabled apps, including BHIM, illustrating the practical applications of this feature.

Key industry figures, including Nandan Nilekani, Non-Executive Chairman of Infosys and Advisor to NPCI, and Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of NPCI attended the launch at GFF 2024.