RBI Deputy Governor Launches New Digital Payment Innovations at GFF 2025
This is the first time UPI is extending approval-based payment capabilities to joint/multisignatory account holders.
Mumbai, 8 October 2025: The Reserve Bank of India Deputy Governor Shri T. Rabi Sankar 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.’
The RBI Deputy Governor announced the launch of the Multi-Signatory Accounts feature on UPI to enable multi-signatory/joint accounts on UPI that require authorization 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 and 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.
This is the first time UPI is extending approval-based payment capabilities to joint/multisignatory account holders. Corporates, MSMEs, start-ups, trusts, and joint account holders can now use UPI for vendor payments, recurring payments, reimbursements, etc. that require authorisation from one or more users/ signatories.
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Read Also : Cdr Shantanu Bose, IN (Retd.), Director (Shipbuilding), GRSE, Honoured as ‘Shipbuilding Leader of the Year’ 2025The RBI Deputy Governor also announced the launch of ‘Small Value Transactions using Wearable Glasses via UPI Lite.’ UPI Lite is designed for small-value, high-frequency payments with enhanced success rates and minimal dependency on core banking infrastructure. With this integration, users can complete hands-free and secure transactions by simply scanning a QR code, authenticating, and completing 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. This feature addresses customers’ growing demand for seamless, frictionless payments that integrate effortlessly into their always-connected, on-the-go digital lifestyle.
This launch marks the first time UPI is extended to the wearable ecosystem, representing a step towards ‘ambient payments’ by enabling seamless digital payments. It also benefits banks and PSPs by reducing core banking system load through off-CBS wallet execution. Embedding UPI Lite on smart glasses enhances convenience for consumers and strengthens India’s leadership in digital payment innovation globally.
Read Also : MOU Signed ECIL DVC implementation of Technological Solutions in the field of Security ProjectsThe event also featured the launch of the linkage of the FX Retail Platform with 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 Reserve Bank of India (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 fulfill it digitally on the bank’s platform or visit a bank branch post-purchase of forex.
This integration allows individual customers of participating Authorised Dealer Category-I, which includes Axis Bank, Federal Bank, ICICI Bank, State Bank of India, and Yes Bank, to register, view ‘Best Price’ in real time, and complete the purchase of US dollars digitally.
It enhances convenience, security, and transparency for customers while addressing long-standing challenges such as physical documentation, inconsistent markup pricing, prolonged processing times, and long banking queues. The collaboration between NBBL, CCIL, banks, and select apps is a step forward in expanding access to regulated forex services, promoting financial inclusion, and strengthening India’s digital payments ecosystem.
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