NPCI launches BBPS and UPI Circles for Business to promote digital payments

The National Payments Corporation of India (NPCI) has announced two new offerings, namely Bharat BillPay for Business (BBPS), designed to streamline business-to-business (B2B) transactions across various ERP and accounting platforms, and UPI Circle, which enables correspondent payments to users.

NPCI said these payment solutions are aimed at enhancing the inclusiveness, security and efficiency of India’s digital payments ecosystem.

Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled these products at the Global Fintech Festival in Mumbai.

Bharat BillPay for Business aims to standardize, simplify and automate various invoice payment processes for daily business operations regardless of the size of the business.

The platform has built-in offerings such as business onboarding, finding and adding businesses, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, financing, AR (accounts receivable) and AP (accounts payable) dashboards, and online dispute resolution.

Banks, Enterprise Resource Planning (ERPs) and B2B Fintechs can now connect with BBPS for Business and provide holistic solutions to their customers.

The solution will enable businesses to seamlessly digitise existing manual processes, and enhance the services offered by B2B players by onboarding these businesses on a comprehensive and inter-operable digital invoice and payment solution, NPCI said in a statement.

Through UPI Circles, UPI users can delegate partial or full transfer of payments to their trusted secondary users.

In full delegation, the primary user authorizes a trusted secondary user to initiate and complete UPI transactions as per the set spending limits.

In partial delegation, the primary user authorizes to initiate payment requests from secondary users. The primary user then completes the UPI transaction with the UPI PIN. A primary user can delegate to a maximum of 5 secondary users and a secondary user can accept delegation from only one primary user.

For full delegation, the maximum monthly limit per delegation is ₹15,000 and the maximum limit per transaction is ₹5,000. In case of partial delegation, existing UPI limits will apply.