What New Digital Payment Innovations Did RBI Deputy Governor Launch at GFF 2025?
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Synopsis
Discover the groundbreaking digital payment innovations unveiled by RBI Deputy Governor T. Rabi Sankar at GFF 2025, including UPI Multi-Signatory, hands-free transactions via wearable glasses, and forex access through Bharat Connect. These advancements promise to revolutionize the digital payment landscape in India, making transactions more accessible and efficient.
Key Takeaways
- UPI Multi-Signatory enhances joint account functionality.
- Hands-free transactions via UPI Lite using wearable tech.
- Forex access through Bharat Connect simplifies currency exchange.
- Focus on everyday payments to boost digital adoption.
- A step towards ambient payments in the digital economy.
Mumbai, Oct 7 (NationPress) The Deputy Governor of the Reserve Bank of India, T. Rabi Sankar, unveiled three significant digital payment innovations at the Global Fintech Fest (GFF) 2025 on Tuesday. These innovations include UPI Multi-Signatory, Small Value Transactions using wearable glasses via UPI Lite, and forex services on Bharat Connect.
The Multi-Signatory Accounts feature allows for joint accounts on UPI that require approval from one or more signatories to facilitate seamless UPI payments.
Signatories can effortlessly manage linked bank accounts using any UPI app, making the payment process simpler and faster.
This feature is completely interoperable, allowing initiators to utilize any UPI or bank apps while signatories can approve transactions through any UPI or bank application.
The Small Value Transactions utilizing Wearable Glasses via UPI Lite will enable users to conduct hands-free and secure transactions by scanning a QR code, authenticating, and completing payments through voice commands on smart glasses, eliminating the need for a phone or PIN entry.
UPI Lite is specifically designed for small-value payments that occur frequently, boasting improved success rates and reduced reliance on core banking systems.
This solution targets everyday transactions such as retail, food, and transit, aiming to boost digital payment adoption. This marks the inaugural integration of UPI into the wearable tech ecosystem, moving towards ‘ambient payments’ for effortless digital transactions.
The Deputy Governor also introduced the connection between the FX Retail Platform and Bharat Connect, allowing retail customers to access foreign currency through their preferred payment or banking apps linked with the Bharat Connect (BBPS) platform.
This initiative, launched by NPCI Bharat BillPay Ltd. (NBBL) in partnership with the Clearing Corporation of India Limited (CCIL) and under the direction of the Reserve Bank of India (RBI), guarantees transparent pricing and competitive real-time rates sourced from the CCIL-managed FX-Retail platform.
Point of View
I believe these digital payment innovations reflect India's commitment to enhancing financial inclusion and technological advancement. The introduction of features like UPI Multi-Signatory accounts and hands-free transactions signifies a shift towards a more integrated and user-friendly financial ecosystem. This aligns with our national goal of adopting cutting-edge technologies to empower citizens and streamline transactions.
NationPress
07/10/2025
Frequently Asked Questions
What are the key features of UPI Multi-Signatory accounts?
UPI Multi-Signatory accounts allow multiple signatories to authorize payments, enhancing convenience and security for joint account holders.
How does UPI Lite facilitate small-value transactions?
UPI Lite enables users to make frequent small-value payments with higher success rates and less reliance on core banking infrastructure.
What role does Bharat Connect play in forex transactions?
Bharat Connect links retail customers to foreign currency services through their preferred banking apps, ensuring transparent pricing and competitive rates.
Can wearable glasses be used for transactions without a smartphone?
Yes, users can complete transactions using voice commands on wearable glasses, eliminating the need for a smartphone.
Who collaborated on the new digital payment solutions?
The solutions were developed by NPCI Bharat BillPay Ltd. in collaboration with the Clearing Corporation of India Limited, under RBI's guidance.
