New Delhi, Nov 27 – Noopur Chaturvedi, Managing Director and CEO of NPCI Bharat BillPay Limited, explained that the newly launched “Banking Connect” app will streamline high‑value digital payments for businesses, from taxes and insurance to other major outlays. She told LatestNewsX that consumers paying large sums—for example, tuition fees or investing in equities and mutual funds—will find the service far easier than before.
Chaturvedi noted that users no longer need to juggle separate IDs and passwords; the app offers a single, seamless experience straight from their phones. The platform, unveiled at the Global Fintech Fest 2025, functions as a comprehensive payment‑and‑settlement engine that modernizes the traditional net‑banking model.
According to her, net‑banking had been a fragmented area that the RBI has been eager to revamp for years. The new system introduces a central switch, aligning with the RBI’s Payment Vision 2025. With over 300 million transactions conducted each month today, the app’s standardized operations should accelerate adoption.
Chaturvedi also highlighted that roughly 80 million customers currently use net‑banking, a number she expects to surge as the service becomes more accessible. Earlier this month, RBI Deputy Governor T. Rabi Sankar announced three digital payment families at the same event: UPI Multi‑Signatory, Small‑Value Transactions via wearable glasses on UPI Lite, and forex trading on Bharat Connect.
The UPI Multi‑Signatory feature allows joint accounts to require approval from one or more signatories, enabling anyone to initiate a payment while others authorize it—all through any UPI or banking app, making the process smoother and faster. The Small‑Value Transactions option lets users perform hands‑free, secure payments by scanning a QR code and authenticating through voice on smart glasses, eliminating the need for a phone or PIN entry. UPI Lite is tailored for high‑frequency, low‑amount payments, offering higher success rates with minimal reliance on core banking infrastructure.
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