Mumbai: In a major stride towards next-generation digital banking, the Reserve Bank of India (RBI) has announced the launch of three significant innovations in the digital payments space. The announcement was made by RBI Deputy Governor Mr. T. Rabi Sankar at the Global Fintech Fest 2025 held in Mumbai.
The three offerings introduced are:
- UPI Multi-Signatory
- Small Value Transactions via UPI Lite using Wearable Smart Glasses
- Forex on Bharat Connect
These developments are set to reshape how individuals and businesses interact with digital financial services, bringing greater ease, transparency, and accessibility.
UPI Multi-Signatory: Empowering Joint and Corporate Accounts
For the first time, UPI has extended its capabilities to support multi-signatory and joint bank accounts, allowing transactions that require one or more approvals to be executed digitally through any UPI or banking app.
This new UPI Multi-Signatory feature is fully interoperable, enabling initiators to raise payment requests and allowing signatories to authorize them seamlessly from any UPI-enabled platform. The result is a streamlined, efficient, and transparent approval-based transaction system, ideal for:
- Corporates and MSMEs
- Start-ups and Trusts
- Joint Account Holders
Common use cases include vendor payments, reimbursements, and recurring payments that demand multiple authorisations. The system also maintains digital records of each approval and payment, ensuring auditability and compliance.
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UPI Lite on Wearable Smart Glasses: A Leap Toward Ambient Payments
In a move that showcases India’s leadership in digital innovation, the RBI also introduced small-value, high-frequency UPI Lite payments integrated with wearable smart glasses. This feature allows users to make hands-free transactions by:
- Scanning a QR code using smart glasses
- Authenticating via voice
- Completing payment without a smartphone or PIN entry
This revolutionary payment mode is aimed at quick, low-value purchases in retail, food services, transit, and everyday transactions, promoting frictionless digital payments in India’s growing wearable ecosystem.
With minimal reliance on core banking systems, UPI Lite also helps reduce system load, allowing wallet-based, off-CBS execution—a win-win for both users and payment service providers.
Forex on Bharat Connect: Seamless Access to Foreign Currency
In collaboration with the Clearing Corporation of India Limited (CCIL) and under the guidance of the RBI, NPCI Bharat BillPay Ltd. (NBBL) launched ‘Forex on Bharat Connect’, allowing individual customers to access the FX Retail platform directly via their preferred banking or payment apps.
This integration enables users to:
- View real-time USD rates
Make forex purchases for:
- Currency notes
- Forex card loads
- Outward remittances
- Complete transactions digitally or at a branch post-purchase
Participating banks include Axis Bank, Federal Bank, ICICI Bank, SBI, and Yes Bank. The new feature eliminates long queues, removes manual paperwork, and offers transparent, competitive pricing—making regulated forex services more accessible and user-friendly.
Strengthening India’s Digital Payment Leadership
These launches underscore India’s growing leadership in digital financial infrastructure and innovation. By enhancing the convenience, security, and scope of digital payments, the RBI continues to support the government’s vision of financial inclusion and a digitally empowered economy.
The collaborative efforts between regulators, banks, fintech companies, and infrastructure providers mark a significant milestone in making India’s digital payment ecosystem more inclusive, efficient, and globally competitive.
