RBI Deputy Governor launches new digital payment innovations at GFF 2025

Mumbai, Oct 7 – Reserve Bank of India Deputy Governor T. Rabi Sankar unveiled three major digital payment innovations during the Global Fintech Fest (GFF) 2025. The newly launched features include UPI Multi-Signatory Accounts, Small Value Transactions using wearable glasses via UPI Lite, and foreign exchange services through Bharat Connect.

The UPI Multi-Signatory Accounts feature enables joint account holders to authorize payments seamlessly across UPI platforms. Multiple signatories can approve transactions using any UPI-enabled bank application, with the system maintaining full interoperability between different banking platforms and payment apps.

In a pioneering move for wearable technology, the UPI Lite integration with smart glasses facilitates hands-free transactions for small payments. Users can authenticate purchases through voice commands and QR scanning without needing mobile devices or PIN entries, marking UPI’s expansion into ambient payment solutions.

The newly established connection between the FX Retail Platform and Bharat Connect now enables retail customers to access foreign currency services directly through their preferred banking applications. This collaboration between NPCI Bharat BillPay (NBBL) and Clearing Corporation of India (CCIL) provides real-time foreign exchange rates sourced from the CCIL-managed platform.