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

These payment solutions are aimed to enhance inclusivity, security, and efficiency of India’s digital payment ecosystem, NPCI said.

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

Bharat BillPay for Business aims to standardise, simplify and automate various invoice payment processes for day-to-day business operations irrespective of size of the business. 

Offerings like business onboarding, search and add business, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, financing, AR (Accounts Receivable) and AP (Accounts Payable) dashboard, and online dispute resolution are inbuilt in this platform. 

Banks, Enterprise Resource Planning (ERPs) and B2B FinTechs alike can now connect with BBPS for Business and offer their clients a holistic solution.

This solution will empower businesses to seamlessly digitalise the existing manual processes, and enhance the services offered by B2B players by on-boarding these businesses on a comprehensive and interoperable digital invoice and payment solution, NPCI said in a statement.

Through UPI Circle, UPI users can delegate payments to their trusted secondary users for either partial or full delegation of payments. 

In full delegation, the primary user authorises a trusted secondary user to initiate and complete UPI transactions as per defined spend limits. 

In partial delegation, the primary user authorises initiation of payment requests from secondary users. The primary user then completes the UPI transaction with UPI Pin. A primary user can delegate to up to 5 secondary users and a secondary user can accept delegation from only one primary user.

Full delegation allows a maximum monthly limit of ₹15,000 per delegation and a maximum per transaction limit of ₹5,000. Existing UPI limits will be applicable in case of partial delegation.