New Delhi, Nov 27 (NationPress) The 'Banking Connect' system is poised to greatly assist customers engaging in digital payments for substantial transactions, such as businesses fulfilling their tax and insurance obligations, stated Noopur Chaturvedi, Managing Director and CEO of NPCI Bharat BillPay Limited (NBBL), on Thursday.

In an interview with IANS following the app's launch, she highlighted that individuals handling significant payments, like college tuition or stock and mutual fund investments, will experience enhanced convenience in their transactions.

"Previously, users had to recall their IDs and passwords, making the process cumbersome. Now, they can accomplish these tasks effortlessly on their mobile devices," Chaturvedi explained.

She elaborated that the application serves as a payment and settlement system officially unveiled at the Global Fintech Fest (GFF) 2025.

Chaturvedi noted that Net-Banking is a payment stream the RBI has aimed to revamp for years, and the system has now been successfully overhauled.

"Historically, if you examine the RBI's Payment Vision 2025, this was one of the fragmented payment systems the RBI sought to redesign with a central switch," she remarked.

The application has been introduced as a centralized payment system, establishing its own operational standards to reinvent net banking, which is already active with 300 million transactions each month.

She also mentioned that reports indicate 80 million customers currently utilize net banking, and with the added convenience, this figure is expected to escalate rapidly.

Last month, RBI's Deputy Governor T. Rabi Sankar announced three pivotal digital payment innovations at GFF 2025: UPI Multi-Signatory, Small Value Transactions using wearable glasses via UPI Lite, and forex on Bharat Connect.

The Multi-Signatory Accounts feature will facilitate multi-signatory or joint accounts on UPI, requiring authorization from one or more signatories for seamless payments.

Signatories can efficiently manage linked bank accounts using any UPI app, making transactions faster and more user-friendly.

This feature is fully interoperable, enabling initiators to utilize any UPI or banking apps, while signatories can approve transactions through any UPI or bank application.

The Small Value Transactions via Wearable Glasses using UPI Lite will allow users to conduct hands-free, secure transactions simply by scanning a QR code and authenticating payments via voice on smart glasses, eliminating the need for a phone or PIN.

UPI Lite is specifically designed for small-value, high-frequency transactions, boasting improved success rates and minimal reliance on core banking infrastructure.