- RBI has launched a UPI feature for joint accounts requiring multiple approvals.
- Hands-free UPI payments using smart glasses and voice commands have been launched.
- A new service was launched to simplify buying US Dollars through banking apps.
Source: NPCI
In a significant leap forward for India’s digital payment ecosystem, the Reserve Bank of India (RBI) has unveiled three groundbreaking innovations at the Global Fintech Fest 2025. RBI Deputy Governor Shri T. Rabi Sankar announced the launch of ‘UPI Multi-Signatory’, ‘Small Value Transactions using Wearable Glasses via UPI Lite’, and ‘Forex on Bharat Connect’, promising to make digital transactions more convenient, secure, and accessible for millions of users.
These new features are set to revolutionize how individuals and businesses manage their finances, further solidifying India’s position as a global leader in digital payments.
RBI Launches UPI for Joint and Multi-Signatory Accounts
A major new feature, UPI Multi-Signatory, has been introduced to support joint accounts on the UPI platform. This is a first for UPI and is designed for any account that requires authorization from more than one person to make a payment.
- Who it helps: This is especially useful for corporates, MSMEs, start-ups, trusts, and any regular joint account holders. It can be used for vendor payments, reimbursements, and other transactions needing multiple approvals.
- How it works: Signatories can use any UPI app to conveniently manage and approve payments from linked bank accounts. This makes the process hassle-free and enhances transaction speed.
- Key benefits: The digital nature of the approvals eliminates delays, improves efficiency, and creates complete transparency through digital records of approvals and payments.
Hands-Free Payments with Smart Glasses via UPI Lite
In a first-of-its-kind integration, UPI has been extended to the wearable ecosystem. Users can now make small-value, high-frequency payments using smart glasses powered by UPI Lite.
- How it works: Users can complete secure, hands-free transactions by simply scanning a QR code with their glasses and authenticating the payment with their voice. No phone or PIN is required.
- Convenience for users: This feature addresses the demand for seamless, on-the-go payments that fit into a connected lifestyle, making it ideal for everyday retail, food, and transit payments.
- Benefits for banks: This innovation also helps banks and payment service providers by reducing the load on their core banking systems.
- Less Load on Banks: By processing these transactions through the UPI Lite wallet, it also reduces the burden on the core banking system.
This marks the first time UPI has been extended to the wearable ecosystem, paving the way for “ambient payments” that seamlessly integrate into our daily lives.
What is UPI Lite?
UPI Lite is an ‘on-device wallet’ feature designed specifically for fast, frequent, and small-value transactions. Users can load money from their bank account into this wallet. When making a payment, the amount is deducted directly from the wallet balance instead of processing through the bank’s core systems every time. This results in quicker payments with a higher success rate and also helps reduce the transaction load on the bank’s infrastructure.
Easy Access to Forex on Bharat Connect
The third launch links the FX Retail Platform with Bharat Connect, allowing retail customers to easily purchase foreign currency (US Dollars) through their payment or banking apps.
- Transparent pricing: This service, launched by NBBL and CCIL, ensures customers get transparent and competitive exchange rates in real-time.
- Multiple delivery options: Customers can choose to receive the USD as currency notes, load it onto a Forex Card, or use it for an outward remittance.
- Reduces hassle: The integration addresses long-standing challenges like physical documentation, inconsistent pricing, and long bank queues by offering a streamlined digital process.
These innovations, launched at the sixth edition of the Global Fintech Fest, underscore India’s commitment to leveraging technology for financial inclusion and creating a world-class digital payment infrastructure.
Author
