SUMMARY
- RBI Governor Shaktikanta Das launched UPI Circle and BBPS for Business at the Global Fintech Fest 2024, aiming to enhance India’s digital payment ecosystem.
- UPI Circle enables users to delegate payment permissions to trusted individuals, while BBPS for Business automates corporate invoice payments.
- EnKash and neobank OPEN announced partnerships with NPCI to introduce B2B invoice payments on the BBPS for Business platform.
At the Global Fintech Fest 2024, Reserve Bank of India (RBI) Governor, Shaktikanta Das, unveiled two key initiatives: UPI Circle and Bharat BillPay System (BBPS) for Business. These solutions, developed by the National Payments Corporation of India (NPCI), are aimed at enhancing the inclusivity, security, and efficiency of India’s digital payment landscape.
UPI Circle allows users to delegate payment permissions to trusted secondary users, such as family members or employees, providing a new level of flexibility and convenience in managing transactions. This feature is expected to streamline payment processes for individuals and businesses by allowing selected users to authorize payments on their behalf without compromising security.
BBPS for Business introduces an automated solution for businesses to manage their invoice payments efficiently. The platform supports various forms of payments, such as recurring invoices and one-time payments, enabling companies to automate workflows and reduce manual interventions. By facilitating seamless B2B transactions, the solution aims to drive greater efficiency in corporate financial operations.
NPCI highlighted that these new solutions are designed to strengthen the digital payment ecosystem by making it more inclusive and secure. “The introduction of UPI Circle and BBPS for Business aligns with our vision to offer innovative payment solutions that empower users and businesses alike,” said an NPCI spokesperson.
The announcement also saw partnerships from fintech players like EnKash and neobank OPEN, which will collaborate with NPCI to launch B2B invoice payments on the BBPS for Business platform. These partnerships aim to leverage BBPS’s capabilities to offer comprehensive invoice management and payment solutions tailored to the needs of businesses.
The launch of these solutions marks a significant step towards India’s journey to becoming a cashless economy, offering more options to consumers and businesses for managing their payments in a seamless, secure, and efficient manner.
