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Mint
26-05-2025
- Business
- Mint
What comes after UPI? Can BBPS and voice-led payments replicate its success
In a country of 1.4 billion people, developing the worldwide normalcy of digital banking through India's Unified Payments Interface (UPI) has been nothing less than transformational. UPI processed an unprecedented 19.78 billion transactions in March of 2025 for a total value of ₹ 24.77 trillion. The digital payment narrative in India is shifting radically, as the 'new normal' sets in. The direction of the future of India includes voice-led payment solutions and the Bharat Bill Payment System (BBPS). This is not just the next chapter. It's a rewrite of the playbook. When UPI launched in 2016, only a few had anticipated the kind of financial democratization it eventually unleashed. Today, with 11.5 billion transactions which take place in a single month (April 2024), UPI is undoubtedly the heartbeat of India's cashless economy. But while UPI simplifies peer-to-peer and merchant payments, BBPS is quietly transforming how India pays its bills. 'While UPI continues to break records, the future of digital payments in India lies in two parallel shifts—BBPS and voice-led interfaces,' says Sameer Mathur, Managing Director and Founder of Roinet Solution. 'BBPS has seen a 60% year-on-year surge in transaction value in FY24, now processing over 28 crore monthly bill payments across utilities, education, and taxes.' That scale isn't just impressive—it's foundational. BBPS brings structure and interoperability to recurring payments, covering the long tail of Indian households who want their electricity, water, broadband, and school fees paid with a single tap. Its API-first, regulator-backed framework ensures that these payments are secure, standardized, and widely accessible. But the most exciting innovation may not involve screens at all—it's the rise of voice-led payments, a game-changer for India's 700 million feature phone users. Voice AI, now achieving up to 95% accuracy in regional languages, is turning spoken instructions into financial actions. Picture this: a farmer in rural Odisha pays his electricity bill using a simple voice command. A street vendor in Uttar Pradesh checks his BBPS payment status through a missed call. The digital divide begins to dissolve. 'With digital payments deeply ingrained in India's financial ecosystem, forward-thinking companies know the next wave of opportunity lies in accessible, inclusive platforms like Bharat BillPay—especially when combined with voice-led processing,' says Rohit Mahajan, Managing Partner and Founder of plutos ONE. 'New players like NPCI's Conversational Voice Payments and BBPS's BillPay Connect are empowering users to transact via voice commands or even missed calls, breaking digital barriers to inclusion.' A tech-agnostic ecosystem is emerging and you can pay offline or pay with a QR code, a feature phone, a smart phone or a voice. This ecosystem, which is responsive to India's vast variety in connectivity, literacy, and access to devices, sees innovation as a necessity rather than an option. This convergence of platform and interface is a mission and not a roadmap. Digital payments, according to some industry figures, will encompass every facet of society by 2029, from high-rises in Mumbai to tribal hamlets in Chhattisgarh. BBPS and voice, as part of India's payment system, are extensions, multiples and reinforcements of UPI, and not replacements or alternatives. They see the world, collectively, as a future where all Indians can join the digital economy no matter their literacy level, language and device you are using. UPI may have sparked the revolution—but BBPS and voice are building the republic.
Time of India
01-05-2025
- Business
- Time of India
UPI transactions to get faster from June 16 as NPCI cuts response time for banks and apps
Representative image Unified Payments Interface (UPI) transactions are set to become faster and more efficient starting June 16, 2025, as the National Payments Corporation of India ( NPCI ) has mandated a significant reduction in the response time for key UPI-related APIs. This move is aimed at enhancing user experience and ensuring quicker transaction processing across all banks and payment apps in the UPI ecosystem. According to a circular issued by NPCI, the response time for the most commonly used UPI APIs, such as Request Pay, Response Pay (covering debit and credit), and Check Transaction Status, has been reduced from the existing 30 seconds to 15 seconds and 10 seconds, respectively. These changes will be applicable to remitter banks, beneficiary banks, and Payment Service Providers (PSPs) like PhonePe and Paytm. NPCI said, 'The revisions are intended to improve the customer experience ,' and directed all member banks to ensure their systems are updated accordingly. It also emphasised that technical changes must not increase the technical decline (TD) rate beyond acceptable thresholds. These faster turnaround times are expected to benefit users, especially when they face delays or errors while making payments. For example, the time taken to reverse failed transactions or check payment status will now drop from 30 seconds to just 10 seconds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo This means users can get quicker clarity on whether their transaction has succeeded or failed. 'From a customer's standpoint, these changing rules around API rules and timing requirements will mean an incredibly easier and more reliable transaction experience,' Rohit Mahajan, Founder of Plutos ONE, was quoted saying by ET. He added that network or handshake failures, which account for 3–5% of peak-hour UPI transaction issues, would also be resolved faster under the new guidelines. Another key change is the reduced wait time for banks to trigger the first transaction status check. As per NPCI's revised communication, PSPs and acquiring banks can now initiate this check between 45 to 60 seconds after a transaction is initiated, instead of the earlier 90-second window. A maximum of three such checks can be made within two hours of the original transaction. While the new guidelines aim to reduce customer wait times, experts say that backend systems will need to ramp up their readiness. Rahul Jain, CFO of NTT DATA Payment Services India, was quoted by ET saying that India's UPI infrastructure is strong enough to support the reduced response times. However, failure to comply may attract financial penalties from NPCI depending on the severity and recurrence of the delays. The response time reduction will apply across debit and credit transactions, including for address validation (for both pay and collect requests), which will now have a maximum response time of 10 seconds. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
