RBI announces launch of three key digital payment innovations at Global Fintech Fest

The Deputy Governor of the Reserve Bank of India (RBI), T. Rabi Sankar, on Tuesday announced the launch of three key digital payment innovations at the Global Fintech Fest 2025.

The new offerings are ‘UPI Multi-Signatory’, ‘Small Value Transactions using Wearable Glasses via UPI Lite’, and ‘Forex on Bharat Connect’.

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The Multi-Signatory Accounts feature on UPI enables multi-signatory/joint accounts on UPI that require authorisation from one or more signatories to perform UPI payments seamlessly.

Signatories can conveniently use any UPI app to manage linked bank accounts, making the process more convenient and hassle-free while enhancing transaction speed.

This feature is fully interoperable, allowing initiators to use any UPI or bank apps, while signatories can approve via any UPI or bank app. By eliminating the delays, it improves efficiency and creates complete transparency through digital records of approvals and payments.

GFF also featured the launch of ‘Small Value Transactions using Wearable Glasses via UPI Lite’. Designed for small-value, high-frequency payments, UPI Lite offers enhanced success rates and minimal dependence on core banking infrastructure.

With this integration, users can complete hands-free and secure transactions by simply scanning a QR, authenticate and complete payments through voice on Smart Glasses, without needing a phone or entering a PIN. The solution is aimed at everyday payments such as retail, food, and transit, encouraging greater digital payment penetration.

The event also featured the launch of the linkage between the FX Retail Platform and Bharat Connect, enabling retail customers to access foreign currency (USD) through their preferred payment/banking apps integrated with the Bharat Connect (BBPS) platform.

The product, launched by NPCI Bharat BillPay Ltd. (NBBL) in collaboration with the Clearing Corporation of India Limited (CCIL) and under the guidance of the RBI, ensures transparent pricing with real-time, competitive rates sourced from the CCIL-managed FX-Retail platform.

Customers can seamlessly buy USD for three delivery modes – Currency notes, Forex Card Load, or Outward Remittance — and complete the process digitally on the bank’s platform or by visiting a bank branch after purchasing forex.