Bharat Bill Payment System (BBPS) is an initiative of national importance that gives interoperable, accessible and real-time bill payment service to customers of all geographies and each section of the population. BBPS may be a bill payment system available in India, which provides ‘anytime anywhere’ bill payment facility to customers with its single brand image.
National Payments Corporation of India (NPCI) has been authorized by Federal Reserve Bank of India because the India Bill Payment Central Unit (BBPCU) and has the responsibility of setting business standards, rules and procedures for the technical and business needs of all participants. is.
BBPS provides interoperable and accessible bill payment services, providing multiple modes of payment to customers through a network of agents, quickly verifying receipt of payment.
India bill payment system BBPS expansion objective
- Bharat Bill Payment System (BBPS) facilitates the collection of recurring (monthly, bi-monthly, quarterly etc.) payments for day to day services provided by service providers.
- Presently, it covers recurring bills of all categories (except prepaid recharge) like electricity, water, gas, DTH, telecom services, insurance, credit cards, mutual funds, Institution (Institution) fees, housing society Fastg EMB of NBFCs, Receives bills withdrawing cable, membership, donations etc.
- Customers who have multiple payment options for bills/collection, ie electronic payment options like Net Banking, Mobile Banking, UPI, Business Correspondent Point etc.
Benefits of Bharat Bill Payment System (BBPS)
- Through the network of BBPS agents, customers joining the BBPS network provide the power to pay bills “anytime anywhere”.
- BBPS thus provides operability in order that consumers pay the billers of anybody medium, additionally, it facilitates payment through multi-payment channels.
- The payment immediately confirms the payment made through the receipt/confirmation.
- The message, the receipt is often SMS / Email / Printout as desired by the customer.
- BBPS gives consumers trust and assurance for certainty reliability and security of brand name transactions.
- Customers with BBPS facility not got to substitute long queues.