Bharat Connect gets linked with FX-Retail platform; enables customers to buy USD

Mumbai, Oct 7 (PTI) The Reserve Bank on Tuesday said bill payment system Bharat Connect has been linked with foreign exchange retail platform, enabling individual customers to buy US dollars in the form of currency notes, forex card load or for outward remittances at competitive prices.

With the linkage, customers will be able to access USD through their preferred payment/banking apps integrated with the Bharat Connect or Bharat Bill Payment System (BBPS) platform.

Currently, five lenders -- Axis Bank, Federal Bank, ICICI Bank, State Bank of India and Yes Bank -- have been integrated with Bharat Connect, allowing the customers of these banks to register, view 'Best Price' in real time, and complete purchase of US dollars digitally, according to a release.

The FX-Retail platform is operated by Clearcorp Dealing Systems (India), launched in 2019, with the objective of bringing greater transparency and fairness in the pricing of foreign exchange for its users. Clearcorp is a wholly owned subsidiary of the Clearing Corporation of India Limited (CCIL).

For existing customers of FX-Retail, the linkage will provide another option to access the platform, the RBI said.

The linkage will enable individual customers maintaining bank accounts with participating banks to register and transact on the FX-Retail platform via enabled digital channels of banks and through third-party application providers (TPAPs).

"To begin with, the pilot is being made available to the customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India and Yes Bank," it said.

The customers of these banks can access FX-Retail through CRED and Mobikwik applications to purchase US Dollar against the Indian Rupee on a 'value cash' basis for foreign exchange outward remittances, loading of foreign exchange cards, and physical delivery of foreign currency notes, the RBI said.

Additionally, the customers of Federal Bank and State Bank of India can access FX-Retail through the internet banking applications.

Going forward, RBI said the scope of the pilot will be gradually expanded to include more user categories, channels, banks, and TPAPs, and a wider range of forex transactions.

With a view to expanding the reach of the FX-Retail platform, enhancing user experience and enabling a larger number of customers to access the FX market, the RBI in December last year had announced that the FX-Retail platform would be linked with Bharat Connect operated by NPCI Bharat BillPay (NBBL) in phases.

The pilot on the linkage was launched at the Global Fintech Fest 2025 by RBI Governor T Rabi Sankar.

NPCI, in a release, said customers can seamlessly buy USD for three delivery modes – currency notes, forex card load or outward remittance.

Deputy Governor Sankar also announced the launch of 'UPI Multi-Signatory' and 'Small Value Transactions using Wearable Glasses via UPI Lite'.

The Multi-Signatory Accounts feature on UPI enables multi-signatory/ joint accounts on UPI that require authorisation from one or more signatories to perform UPI payments seamlessly, NPCI said.

Signatories can conveniently use any UPI app to manage linked bank accounts, making the process more convenient, hassle-free and enhancing transaction speed.

"This is the first time UPI is extending approval-based payment capabilities to joint/ multi-signatory account holders," it said.

Corporate, MSMEs, startups, trusts, and joint account holders can now use UPI for vendor payments, recurring payments, and reimbursements that require authorisation from one or more users/ signatories.

Regarding 'Small Value Transactions using Wearable Glasses via UPI Lite', NPCI said that with this integration, users can complete hands-free and secure transactions by simply scanning a QR, authenticate and complete 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.

The feature addresses customers' growing demand for seamless, frictionless payments that integrate effortlessly into their always-connected, on-the-go digital lifestyle, NPCI said.

NPCI said that this is the first time that UPI is extended to the wearable ecosystem, representing a step towards 'ambient payments' by enabling seamless digital payments. PTI NKD NKD SHW