This 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 these banks and through TPA providers The FX-Retail platform of the Clearcorp Dealing Systems (India) Ltd (Clearcorp) has been linked with Bharat Bill Payment System (Bharat Connect) to expand the reach of the platform, enhance user experience, and enable a larger number of customers to access the FX market transparently and with ...

Core Insights - The Reserve Bank of India (RBI) has linked the Bharat Connect bill payment system with the FX-Retail platform, allowing individual customers to purchase US dollars through various digital channels [14] - The pilot program is currently available to customers of Axis Bank, State Bank of India, and Yes Bank, enabling them to access FX-Retail via applications like CRED and Mobikwik [6][14] - The FX-Retail platform aims to enhance transparency and fairness in foreign exchange pricing, and it is operated by Clearcorp Dealing Systems (India) [2][14] Group 1: FX-Retail Platform - The FX-Retail platform allows customers to buy USD in three delivery modes: currency notes, forex card load, or outward remittance [9][14] - The RBI plans to gradually expand the pilot to include more banks, user categories, and transaction types [7][14] - Clearcorp, a subsidiary of the Clearing Corporation of India Limited, operates the FX-Retail platform, which was launched in 2019 [2][14] Group 2: Digital Payment Innovations - The RBI has introduced features like 'UPI Multi-Signatory' accounts, allowing joint account holders to perform payments requiring multiple authorizations [10][14] - A new feature for 'Small Value Transactions using Wearable Glasses via UPI Lite' enables hands-free transactions through smart glasses, enhancing user convenience [11][14] - These innovations aim to meet the growing demand for seamless digital payments in an increasingly connected lifestyle [12][14]