News Desk, News Nation 360 : At the Global Fintech Festival (GFF) 2024, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, announced the introduction of two new products developed by the National Payments Corporation of India (NPCI). Among these new solutions are UPI Circle, which allows users to delegate payments, and Bharat BillPay (BBPS) for Business, which is intended to simplify business-to-business (B2B) transactions across various ERPs and accounting platforms. The goal of these payment options is to improve the digital payment ecosystem in India's efficiency, security, and inclusivity. Both Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of NPCI, and Nandan Nilekani, Non-Executive Chairman of Infosys and Advisor to NPCI, attended the launch. The Reserve Bank of India (RBI) Governor has announced the expansion of Bharat BillPay System (BBPS) to include business enablement platforms, streamlining B2B payments and collections. BBPS for Business aims to standardize, simplify, and automate invoice payment processes for businesses of
all sizes, offering features like business onboarding, purchase order creation, invoice management, automated reminders, guaranteed settlement, financing, and online dispute resolution. Banks, ERPs, and B2B fintechs can connect to BBPS for Business to offer their clients a comprehensive digital invoice and payment solution. Additionally, the RBI Governor launched UPI Circle, a feature allowing UPI users to delegate payments to trusted secondary users. In full delegation, the primary user authorizes the secondary user to initiate and complete UPI transactions within defined limits. In partial delegation, the primary user authorizes payment initiation, completing the transaction with their 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.
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