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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.
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Business Standard
14-05-2025
- Business
- Business Standard
Indo-Pak conflict cancels flights: Does travel insurance cover costs?
As geopolitical tensions rise, travellers wonder if their insurance will cover flight cancellations if airports shut down due to conflict. Here's what you need to know about travel insurance. During India's Operation Sindoor, over 300,000 flight tickets were cancelled between May 7 and May 12, aviation industry sources told Business Standard. This is a common practice during such conflicts across the world. Force majeure? But what happens to the fliers' money in such a scenario? Does travel insurance cover flight cancellations if airports shut down due to conflict? The answer is not that straightforward. Standard policies often exclude war-like situations 'Flight cancellations caused by operational issues or sudden airport closures are generally covered under standard travel insurance policies,' says Sameer Mathur, MD and founder, Roinet Solution. 'However, if the disruption is due to an officially declared war, that falls under exclusions,' he said. Insurers typically classify events like war, terrorism, or civil unrest under 'force majeure' or 'exclusions,' meaning claims under such circumstances may be denied. 'Most standard travel insurance policies clearly state that losses due to geopolitical conflicts, such as war or terrorism, are not covered,' adds Manish Kumar Goyal, CMD, Finkeda. Special add-ons could offer some relief While base policies may fall short, some specialised products offer limited protection. 'There are add-ons like Cancel for Any Reason (CFAR) that allow partial refunds even in such situations, but they must be purchased early and come at an extra cost,' Goyal explains. Key features of CFAR coverage: Must be purchased within a set window after booking travel Costs more than regular insurance Allows trip cancellation for almost any reason Reimburses a portion (typically 50–75 per cent) of non-refundable expenses However, Mathur clarifies that in most Indian policies, no standard plans include war-related disruptions, and no add-ons currently cover full cancellation costs due to geopolitical conflict. If you're caught in such a scenario, it's vital to document everything. 'Travelers should keep tickets, identity proofs, and a cancelled cheque handy to submit claims,' Mathur advises. 'Each case is subject to evaluation, but basic documentation is essential.' Bottom Line Travellers must check the policy document thoroughly before purchasing and consider add-ons if travelling to or near conflict-prone regions. In uncertain times, preparation and awareness are the best safeguards.
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Business Standard
12-05-2025
- Business
- Business Standard
First-time taxpayer's guide: Forms, filing, and avoiding common pitfalls
Filing income tax returns (ITR) for the first time can seem daunting, but with the right information and preparation, it can be a smooth process. Several tax experts break down what first-time filers should know, from selecting the right ITR form to avoiding common mistakes. Choosing the right ITR form The first step in filing your return is selecting the appropriate ITR form based on your income sources. 'Selecting the proper Income Tax Return (ITR) form is important for filers who are submitting it initially,' says Vishwanathan Iyer, senior associate professor, Great Lakes Institute of Management. For salaried individuals with income up to Rs 50 lakh from salary, one house property, and other sources like bank interest, ITR-1 (Sahaj) is usually sufficient. However, 'ITR-1 is not applicable if you have capital gains, foreign income, or if your agricultural income exceeds Rs 5,000,' cautions Sameer Mathur, managing director and founder of Roinet Solution. According to CA Deepesh Chheda, partner at Dhruva Advisors LLP, ITR-2 is appropriate for individuals with income from more than one house property, capital gains, foreign assets/income, or investments in unlisted equity shares. ITR-3 is for those 'who derive income that is chargeable under various heads, including from business or profession.' Step-by-step guide to filing ITR online Mathur offers a simple step-by-step outline for salaried individuals: 1. Register or log in to the Income Tax e-Filing portal using your PAN. 2. Navigate to e-File > Income Tax Returns > File Income Tax Return. 3. Select the assessment year, filing mode as "online", and your status as "individual". 4. Choose the appropriate ITR form (usually ITR-1 for salaried individuals). 5. Fill out the form with your personal details, income data from Form 16, deductions under sections like 80C or 80D, and bank account details. 6. Use the preview option to verify entries and submit. 7. Complete the process with e-verification through Aadhaar OTP, net banking, or an Electronic Verification Code (EVC). Documents to keep ready Before starting, collect and cross-verify the following: · PAN and Aadhaar card (linked) · Form 16 from your employer · Form 26AS and Annual Information Statement (AIS) · Investment proofs (for 80C, 80D, etc.) · Interest certificates from banks or post offices · Loan documents (education, home) · Bank account details for refund processing 'It is essential to keep key tax summary documents such as Form 26AS, the AIS and the TIS which provide a consolidated view of a taxpayer's financial transactions,' notes Chheda. These forms ensure that third-party reported transactions match your own records. Common mistakes first-time filers make Several missteps can delay or invalidate your return: · Wrong ITR Form: 'Selecting the incorrect form causes delays in processing,' warns Iyer. · Incomplete income disclosure: 'Omitting income like interest or freelance earnings can trigger notices and penalties,' says Mathur. · Not reconciling with Form 26AS/AIS: 'Discrepancies between these forms and your return can cause scrutiny,' Chheda adds. · Incorrect personal or bank details: Can delay refunds. · Failure to e-verify: 'A common mistake by first-time filers is that they simply forget or are unaware of e-verification,' says Iyer.
