Mumbai: Reserve Bank of India Deputy Governor T. Rabi Sankar on Tuesday announced the launch of three key digital payment innovations– UPI Multi-Signatory, Small Value Transactions using wearable glasses via UPI Lite, and forex on Bharat Connect — at the Global Fintech Fest (GFF) 2025.
The Multi-Signatory Accounts feature will enable multi-signatory or joint accounts on UPI that require authorisation from one or more signatories to perform UPI payments seamlessly.
Signatories can conveniently use any UPI app to manage linked bank accounts, making the process more convenient and hassle-free, and enhancing transaction speed.
This feature is fully interoperable, allowing initiators to use any UPI or bank apps, while signatories can approve through any UPI or bank app.
The Small Value Transactions using Wearable Glasses via UPI Lite will allow users to complete hands-free and secure transactions by simply scanning a QR, authenticate and complete payments through voice on Smart Glasses, without needing a phone or entering a PIN.
UPI Lite is designed for small-value, high-frequency payments with enhanced success rates and minimal dependency on core banking infrastructure.
The solution is aimed at everyday payments such as retail, food, and transit, encouraging greater digital payment penetration. This new facility marks the first time UPI is extended to the wearable ecosystem, representing a step towards ‘ambient payments’ by enabling seamless digital payments.
The Deputy Governor also launched the linkage of the FX Retail Platform with Bharat Connect, enabling retail customers to access foreign currency through their preferred payment or banking apps integrated with the Bharat Connect (BBPS) platform.
The product, launched by NPCI Bharat BillPay Ltd. (NBBL) in collaboration with the Clearing Corporation of India Limited (CCIL) and under the guidance of the Reserve Bank of India (RBI), ensures transparent pricing with real-time, competitive rates sourced from the CCIL-managed FX-Retail platform.
(IANS)
