NPCI Introduced BBPS for Business, UPI Circle at GFF 2024

Current Context: On 28th August 2024, The National Payments Corporation of India (NPCI) introduced two new initiatives at the Global Fintech Festival (GFF) 2024.

• BBPS for Business:
• This new feature allows businesses to collect payments from customers using the Bharat Bill Payment System (BBPS).
• This will provide businesses with a convenient and efficient way to collect payments from their customers.
• UPI Circle:
• This new initiative allows users to make UPI payments without having to enter the beneficiary's account details.
• Instead, users can simply choose the beneficiary's name from a list of contacts.
• This will make UPI payments even easier and more convenient for users.

Question:

1 What is the primary purpose of the "BBPS for Business" initiative introduced by NPCI?

• A) To facilitate payments for government bills
• B) To simplify the process of transferring funds between banks
• C) To promote digital payments among consumers
• D) To enable businesses to collect payments from customers using BBPS

Answer: D) BBPS for Business is specifically designed to provide businesses with a convenient and efficient way to collect payments from their customers.