Every day in our life we hear alarms, the one that wakes us up. But there is one more alarm that rings on the first of each month. And trust us, it is more irritating than the one that rings daily.
For those who are still deciphering which alarm we are talking about, let me clear up!
The first day of each month wakes us up to those numerous bills that are awaited to get cleared. Be it’s an electricity bill, DTH payment, a due EMI, or a FasTag recharge, it all needs to be paid repeatedly or recurringly.
Now, the most basic and irritating problem is to keep track of all the due dates for these recurring payments or else be ready with a fine.
We are going to introduce an excellent feature brought up by NPCI to free up all the hassle of remembering the due dates-Bharat Bill Payment System(BBPS).
With Bharat Bill Payment System (BBPS), you can pay bills with an array of payment options and get confirmation of your payment instantly. A feature of the Be-Assured symbol is an added benefit.
NPCI is the system behind the RBI-conceptualized Bharat Bill Payment System (BBPS). National Payments Corporation of India (NPCI) is a not-for-profit organization.
The BBPS payment system was developed to support network expansion and democratization while offering a seamless billing experience. One of NPCI‘s main payment systems, it is managed and operated by the company and is governed by RBI’s broader regulatory framework.
It offers a predictable, reliable, and secure mode of transactions for customers across the nation. The “Anytime Anywhere” bill payment solution provides ease along with advancement.
For the benefit of the clients, these transactions will be carried out by bill aggregators and banks, who will act as operating units.
The BBPS system primarily consists of two types of organizations: businesses or billers and Agent Institutions ( like FidyPay).
Therefore, FidyPay is the Agent Institution and your electricity provider is the biller when you pay your electricity bill.
Electricity bills, water bills, smartphone recharges, loan EMIs, and OTT subscriptions are just a handful of the many regularly recurring payments that can be processed.
Most customers find it troublesome to keep track of all of their bill payment deadlines. When they do recall, using an online payment method or going to an offline payment location is nothing short of a hassle.
BBPS offers an interoperable configuration that enables businesses to become accessible across all payment apps by simply enrolling in BBPS once.
Additionally, a consumer may make recurring payments on these apps from virtually anywhere thanks to the digital payment possibilities. In the event of inaccurate payments, they may also raise a challenge. RBI’s support for the BBPS system assures all parties of its dependability.
As the central entity, NPCI is responsible for setting corporate standards, laws, and guidelines for the commercial and technical requirements of all players. The BBPCU heads the clearing and settlement of transactions.
Interoperability: Bill aggregation, billing, payment service providers, and retailers are all connected via BBPS, an integrated online bill payment business platform.
Integration: Only BBPCU (Central Payment Unit of Bharat) and NPCI should be connected to BBPOU ( Bharat Bill Payment Operating Unit), which includes banks and non-banks.
Accessibility: It is possible to pay bills continuously through any channel, including those supported by BC, Agent branches, Bank branches, and Representative connections.
The BBPS point of sale could be at bank branches, ATMs, customer service offices, etc. Any BBPS point of sale might be used by a customer to make the payment.
For all clients to be able to pay their bills, the billers must link to a single BBPOU.
Faster payment settlements: Compared to conventional offline methods, BBPS payments are typically settled more quickly. You won’t have to wait long for your bills to be paid because your payments will be processed right away.
Compensation and Settlement: Create several liquidations and guaranteed settlements between various parties using defined norms and procedures.
Complaint Management: To address consumer complaints in all kinds of transactions, BBPS rolls out a common complaint management system.
Cashless Society: Transition from cash-based payments to electronic modes facilitates a cashless society
Earnings: Earn the maximum market commission on each BBPS transaction.
The BBPS provides a fully secured payment system. Best international standards and practices are undertaken by NPCI to provide a leak-proof payments system that can be trusted to its full extent.
* Go to your website or app and select the BBPS bill payment option.
* Using your BBPS full-form icon or tab, log in or connect with the program.
* Click on the bill category to be paid
* Enter your key specifications and billing information.
* Check and double-check the bill’s total.
* Utilize one of the accepted methods of payment to pay the bill.
* Receive immediate payment confirmation on your screen.
The Reserve Bank of India (RBI) suggested allowing NRIs to pay bills services on behalf of their relatives in India.
According to experts, the change will benefit NRIs who regularly send money to India. Shaktikanta Das(governor of RBI), made the announcement in his statement on monetary policy. To put this into action, the central bank will soon be releasing orders.
* The vast majority of those who fall into the underbanked or unbanked category will have access to BBPS’ bill payment options.
* BBPS offers a variety of choices for paying bills, including wallets, credit and debit cards, online banking, IMPS, etc.
* The goal of BBPS is to increase public confidence that it will offer a secure and dependable platform for billing transactions.
* The process of paying bills will be made incredibly simple because clients will be able to pay bills for any billers who have signed up for the BBPS system at any of the BBPS locations.
* The members will receive a set of standards and a well-established procedure for paying their bills.
* The BBPS will get over the obstacles that small billers and billers with little geographic reach face. They’ll also have simple access to the market for buying things.
* The BBPS will promote and hasten the move away from assisted payment methods and in the direction of self-service solutions. It will also help switch to electronic payments from cash payments.
* The BBPS will provide an effective system for managing risks and detecting fraud which will be very helpful.
Bharat Bill Payment System (BBPS) generated over one billion Indian rupees in revenue during the 2020 fiscal year in India. In the country, the value was predicted to increase to about 16 billion Indian rupees in the upcoming fiscal year.
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