Thanks to the efforts of the Indian government, digital payments in India are witnessing a boom these days. And to give it a further push, the RBI mandated Bharat Bill Payment System. With UPI, mobile wallets and card payments, we are already able to pay digitally at shops. But with Bharat Bill Payment System, we will now be able to pay all kinds of bills digitally. It has the potential to change the way how people pay their bills. And I hope it will also kill the cues at the bill counters. In this post, I am going to tell you everything you should know about BBPS.
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What is Bharat Bill Payment System
Bharat Bill Payment System is a platform for all types of bill payments. National Payments Corporation of India has developed it to make bill payments easier. It is an integrated and interoperable bill payment service for customers across geographies. It offers reliability and safety of the transactions. You can pay your bills using BBPS from anywhere anytime. Moreover, it allows you to pay bills through networks of agents or online. You get multiple payment modes with instant confirmation of the payment. With BBPS, you can pay your bill using electronic transfer instead of pay in cash. Hence, it is said to be a big step towards a less-cash society
Moreover, Bharat Bill Payment System has a wide variety of payment options. You can make full, excess, part, penalty and multiple payments with it. It also gives you many payment modes to choose from. These include cash, credit/debit cards, IMPS, internet banking, NEFT, prepaid card, wallet and UPI. You can choose any of these as per your convenience to pay your bill.
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Furthermore, you can access Bharat Bill Payment System through several channels. These channels are internet, mobile, POS, MPOS, KIOSK, ATM, bank branch business correspondents and agents. So, you also don’t need to worry about the availability of a particular channel. This makes Bharat Bill Payment System is a must-to-opt system.
Bill Payment Categories in BBPS
Bharat Bill Payment System has almost all major bill payment categories. Some of them are available with the launch and others will be available in near future after RBI approval. The services that are available with the launch include electricity, water and gas bills. They also include telephone and DTH bill payments. And the categories that are waiting for approval are divided into sub categories. The first category is the institution that contains the school, college and subscription fees. The second category is others that contain insurance, mutual funds and credit card bill payments. And the last category is future and it contains Govt. payments, charity, one-time payments and others. Apart from these, more categories can also be added after RBI approval.
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Bharat Bill Payment System Participants
As this is a payment platform, it has some participants. These participants combinedly work to complete the payment process. These participants include you, a customer, and the biller you are paying. Along with that some other entities also work as a participant in BBPS. Below is the list of all the participants.
- Agent Institutions / Agents
- Banks (Sponsor Banks / BBPOU)
- Aggregator / Service Provider (BBPOU)
How Bharat Bill Payment System Works?
To enjoy Bharat Bill Payment Services, a customer has to register with it. You can do it by visiting any BBPS retail outlet or online at BBPS website. You need to provide your personal details including name, address, email, mobile number and ID proof. After the registration, you will get a customer ID. This ID will be used for your future transactions.
You can visit either BBPS retail outlets or a bill collecting website to pay the bill through BBPS. If you want to pay in cash then visit BBPs outlets. However, outlets are currently only a few in numbers. Also, you can visit BBPOU, that are banks and agents, websites to pay bills. Note that NPCI is working as BBPCU and operating the whole process of Bharat Bill Payment System. It does not actually own any financial transactions. Rather it only works as a medium to connect various billers with agents through operating units.
Benefits of Bharat Bill Payment System
Whether you are a customer, a biller or BBPOU, Bharat Bill Payment System has a lot of benefits for you. It is a convenient solution for customers and faster settlements to billers. To BBPOUs, it gives access to multiple billers in a single integration. Below are the benefits of BBPS.
Benefits for Customers
- You can enjoy convenient and faster payments with it.
- You can use any of the various payment channels available on Bharat Bill Payment System. Almost all digital payment modes and even cash payments are also supported by BBPS.
- You can pay your bills in through Bharat Bill Payment System without having to worry about safety. Because it is a reliable, trustful, safe and secure platform for bill payments.
- Bharat Bill Payment System gives you transparency in bills. Also, you get instant confirmation of bill payments.
- BBPS has a great complaint management system that handles grievances effectively.
Benefits for Billers
- Billers will get faster settlements of transactions.
- BBPS offers low-entry barriers for small billers so that they can register easily.
- Billers will get the flexibility of plug and play connection options.
- BBPS also provides reduced and efficient connections to billers. It makes CAPEX and OPEX lower for billers.
Benefits for BBPOU
- In BBPS, BBPOUs get access to multiple billers with a single integration.
- BBPOUs can perform both ON-US and OFF-US transactions. It gives them the wide reach to customers.
- Bharat Bill Payment System also creates the possibility to offer value-added services for BBPOUs. It will allow BBPOUs to increase their online presence.
- Bharat Bill Payment System offers guaranteed settlements. And the settlements are also done on time.
- It also has a great dispute management system for BPPOUs.
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