NPCI Netbanking 2.0: New Payments Switch by NBBL
Why in the news
NPCI’s bill payments arm is testing a new netbanking network meant to smooth online payments and go live within months.
Key facts
- Launcher: Bharat BillPay (NBBL), subsidiary of NPCI; expected live in 3-4 months.
- A new switch, not built on IMPS or other existing rails.
- Pilot: four major banks and 6-8 payment aggregators.
- RBI approved it in March 2024, in line with Payment Vision 2025.
Features
- Standard, interoperable netbanking across banks, aggregators and merchants, with common connectivity.
- Targets current gaps: poor standardisation, chargebacks, settlement delays.
- Dynamic QR codes enable a two-device flow: pay on a laptop, verify on a mobile.
- Rate standardisation for transparent pricing and simpler integration.
Related development
- UPI Circle on the BHIM app lets a primary user delegate payments to up to five secondary users.
Exam angle
- NPCI products: UPI, RuPay, National Financial Switch.
- Sectors benefiting: e-commerce, travel, digital fashion.