Bharat Bill Payment System:
CEO of Bharat Bill Pay recently said Bharat Bill Pay has witnessed a threefold business growth in just two years.
- Bharat Bill Payment System (BBPS) is an integrated bill payment system or a platform which acts as a connect between various billers and users.
- It is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “Anytime Anywhere” Bill payment service to all customers across India with certainty, reliability and safety of transactions.
- It offers customers the convenience of payment by cataloguing various utility providers under one platform.
- It acts as a central reference for a customer who wants to make different payments — whether utility bills, loan repayments, FasTag recharge, and so on.
- Bharat BillPay transactions can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, Mobile Wallets Bank Branch, Agents and Business Correspondents etc.
- It provides instant confirmation of payment via an SMS or receipt.
- BBPS was conceptualised by the Reserve Bank of India in 2013 and is a product of the National Payments Council of India (NPCI).
- It was piloted in 2016 and went live a year later.
- By 2019, BBPS onboarded all recurring payments.
- There are two key components in the BBPS system,
- Bharat Bill Payment Central Unit (BBPCU): The BBPCU is NPCI, which lays downs the operating procedures and standards for BBPS.
- Bharat Bill Payment Operating Units (BBPOUs): BBPOUs adhere to the rules set by BBPCU. They are the banking and non-banking entities that handle the payments load.