The National Payments Corporation of India (NPCI) unveiled two new products at the Global Fintech Fest 2024: Bharat BillPay (BBPS) for Business and UPI Circle for delegated payments. Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), introduced these products at the event.
BBPS for Business is designed to simplify business-to-business (B2B) transactions across various platforms. 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.
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.
On the other hand, UPI Circle allows UPI users to add trusted secondary users through their UPI apps. The primary user can grant them authority for either partial or full transactional activities.
For example, if a person adds another individual to their UPI circle using the delegated payment services feature, the latter can make payments using the former’s UPI. When the second person initiates any payment on their device, the primary user will receive a notification and can approve the payment.
Full delegation allows a maximum monthly limit of Rs 15,000 per delegation and a maximum per transaction limit of Rs 5,000.
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.
The announcement by the NPCI was made at the backdrop of the Global Fintech Fest 2024 that is being conducted in Mumbai from August 28 to 30. The Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC) organise the annual fintech conference.
