Developed by the National Payments Corporation of India (NPCI), these new offerings – Bharat BillPay (BBPS) for Businesses and UPI Circle – are designed to improve the inclusiveness, security and efficiency of the country’s digital payments ecosystem.
BBPS for companies
Bharat BillPay System (BBPS) for Business is designed to revolutionize business-to-business (B2B) transactions across various ERP and accounting platforms. By centralizing and automating the bill payment process, BBPS for Business aims to simplify B2B payments, offering a unified and interoperable platform for businesses of all sizes.
This platform offers many features including business incorporation, purchase order creation, invoice management, automatic 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 offers businesses a comprehensive solution for managing daily operations. It also supports financing options, making the transition from manual processes to a fully digital billing and payments system easier 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 sub-users. UPI Circle offers two modes of delegation – partial and full.
In full delegation, the primary user authorizes a secondary user to initiate and complete UPI transactions with a limit of ₹15,000 per month and ₹5000 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 sub-users to a primary account, although each sub-user can only accept delegation from one primary user. This feature is intended to expand the flexibility and usability of UPI, 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, Infosys and Advisor, NPCI, and Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI, attended the launch at GFF 2024.
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