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]