Bharat Bill Payment System : RBI
The Reserve Bank of India (RBI) recently announced that all credit card bill payments via third-party applications must now be routed through the Bharat Bill Payment System (BBPS).
- Bharat Bill Payment System (BBPS) is a payment channel system conceptualized by the RBI and driven by the National Payments Corporation of India (NPCI).
- It is a one-stop payment platform for all bills providing an interoperable and accessible “Anytime Anywhere” bill payment service to all customers across India with certainty, reliability and safety of transactions.
- The system will provide multiple payment modes and instant confirmation of receipt of payment.
- It is an integrated platform connecting banks and non-banks in bill aggregation business, billers, payment service providers and retail bill outlets.
- It offers customers the convenience of payment by cataloguing various utility providers on one platform.
- BBPS offers bill collection categories like electricity, telecom, Mobile Postpaid, DTH, gas, water bills etc. through a single window.
- Other types of payments, like school/university fees, municipal taxes/ payments, mutual funds and insurance premiums, various government taxes, etc. as decided from time to time by the RBI will be incorporated in BBPS.
