Leading fintech company OPEN, which provides an all-in-one finance platform for SMEs to automate their finances, partnered with NPCI Bharat BillPay Limited (NBBL) to launch Bharat BillPay for Business
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. Leading fintech company OPEN, which provides an all-in-one finance platform for SMEs to automate their finances, partnered with NPCI Bharat BillPay Limited (NBBL) to launch Bharat BillPay for Business. Businesses can now use BBPS for financing and tax payments.
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.
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.
At the fintech fest, many significant announcements pertaining to the fintech sector were announced. This includes the RBI governor approving the self-regulatory organization and formulating five policy priorities for the fintech industry's future: digital financial inclusion, consumer protection and cybersecurity, digital public infrastructure (DPIs), sustainable finance, and international integration and collaboration.