Introduction
At the ongoing Global Fintech Festival (GFF) 2024, the Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, unveiled Bharat BillPay (BBPS) for Business—an indigenous solution developed by the National Payments Corporation of India (NPCI), following the recently announced UPI Circle. This new solution is set to transform the business-to-business (B2B) payment landscape, streamlining transactions across various Enterprise Resource Planning (ERP) systems and accounting platforms while enhancing India’s digital payment ecosystem’s inclusivity, security, and efficiency. In addition to this launch, the RBI also announced that Bharat Bill Payment System (BBPS) has been rebranded to Bharat Connect.
Key Features Of Bharat BillPay (BBPS) For B2B Businesses
- Seamless Business Onboarding:
Bharat BillPay for Business offers streamlined business onboarding for payments, enabling companies to quickly integrate into the platform. This feature ensures that businesses can start benefiting from the platform’s capabilities with minimal disruption to their operations. - Search and Add Business Functionality:
The platform allows users to search for and add business partners or clients effortlessly. This feature simplifies the management of business relationships, making it easier to maintain and expand networks. - Automated Invoice Management:
From purchase order (PO) creation to invoice management, Bharat BillPay for Business automates the entire payment process. Automated reminders for due payments and the assurance of guaranteed settlements help businesses avoid delays and improve cash flow management. - Comprehensive Financial Dashboards:
The platform provides an integrated Accounts Receivable (AR) and Accounts Payable (AP) dashboard, offering businesses a real-time view of their financial status. This feature supports better decision-making and financial planning, crucial for maintaining healthy business operations. - Online Dispute Resolution:
Dispute resolution is often a time-consuming process, but Bharat BillPay for Business addresses this with its online dispute resolution feature. This ensures that any issues arising during transactions can be resolved quickly and efficiently, minimising disruptions. - Enhanced Financing Options: The platform also offers financing solutions, making it easier for businesses to manage their working capital needs. This feature is particularly beneficial for small and medium-sized enterprises (SMEs), enabling them to access funds quickly and efficiently.
UPI Circle Summarised
UPI Circle is a feature that allows a UPI user (the primary user) to link their account with trusted secondary users, enabling them to handle payments on their behalf. There are two types of delegation: full and partial.
- Full Delegation: The primary user gives a trusted secondary user permission to initiate and complete UPI transactions within a set spending limit. The secondary user can make payments directly without further approval from the primary user. The limits are INR 5,000 per transaction and INR 15,000 per month.
- Partial Delegation: The secondary user can initiate payment requests, but the primary user must approve and complete the transaction using their UPI PIN.
A primary user can delegate up to 5 secondary users, while a secondary user can accept delegation from only one primary user. In partial delegation, the existing UPI limits apply.
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