RBI Unveils Three Major Digital Payment Innovations at Global Fintech Fest
UPI Multi-Signatory, Wearable Glass Payments via UPI Lite, and Forex on Bharat Connect Aim to Boost Digital Transactions
Mumbai, Oct 8: The Reserve Bank of India (RBI) announced the launch of three key digital payment innovations at the Global Fintech Fest 2025, aimed at enhancing convenience, efficiency, and accessibility in the country’s digital payments ecosystem. The announcement was made by RBI Deputy Governor T. Rabi Sankar.
The three new initiatives include:
UPI Multi Signatory Accounts: This feature enables joint or multi-signatory accounts on UPI, requiring authorization from one or more signatories for payments. It allows all parties to use any UPI or bank app to initiate or approve transactions, improving speed, transparency, and operational efficiency.
Small Value Transactions Using Wearable Glasses via UPI Lite: Designed for hands free, high-frequency payments, this innovation allows users to make secure transactions via smart glasses, scanning QR codes and authenticating payments using voice commands. The solution is ideal for retail, food, and transit payments, reducing dependence on core banking infrastructure and promoting digital payment adoption.
Forex on Bharat Connect: Launched by NPCI Bharat BillPay Ltd. (NBBL) in collaboration with CCIL and under RBI guidance, this platform links the FX Retail Platform with Bharat Connect, enabling retail customers to access foreign currency (USD) through integrated banking apps. Users can buy USD via currency notes, Forex card load, or outward remittance with real-time, competitive rates, completing transactions digitally or at a bank branch.
Deputy Governor Sankar said these innovations will enhance transaction efficiency, transparency, and convenience, reinforcing India’s leadership in the global digital payments landscape.
