Thanks to the technological growth in the financial sector of India, making a transaction is instant, easy and all the more secure. India’s digital economy contributes about 12% to GDP and employs about 15 million workers. Bharat Bill Payments System or Bharat Connect has played a significant role in changing the face of digital payments in India. Launched in 2016 by the National Corporation of India BBPS Bill Payments aimed to facilitate bill payments for customers nationwide. This technology has made life of Indian citizens easier on a daily basis while paying the bills for gas, water, and electricity and other things. Bharat Bill Payments System enables clients to handle all of their transactions from a single location or website. Because of this, millions of payments are made in a smooth and secure way, eliminating the need for middlemen.
Understanding the benefits of Bharat Bill Payments System or Bharat Connect
Driven by NPCI, Reserve Bank of India’s Bharat Bill payment system is a one-stop ecosystem for all recurring payments. It offers all the consumers in India an interoperable, accessible “Anytime Anywhere” bill payment service which guarantees transaction with certainty, dependability and security.
The consumers in India often need to pay for their utility bills, such as electricity, banking services, entertainment charges and subscriptions, medical bills and more. There have been several obstacles and delays as faced by the consumers and service providers. The consumers used to often struggle against these hurdles to overcome in order to successfully pay or collect payments.
BBPS Bill Payments or Bharat Connect provides reliable technological solutions to streamline the payment collections by bringing together the customers and businesses under one reliable system. Under the Bharat Bill Payment System, which is now Bharat Connect logo, customers can initiate BBPS bill payment transactions with the help of Religare accredited agent, via a variety of payment channels on the Internet, such as internet banking, mobile banking, mobile wallets, kiosks, ATMs, bank branches, agents, and business correspondents.
The Bharat Bill Payment System’s key objective is to enable the nation’s citizens to pay their bills whenever and wherever they need to. This BBPS service will be handy to you if you are physically stranded anywhere and need to make an urgent payment. Not just online payment methods but cash and cheques are all accepted by our agents for all kinds of financial transactions. With BBPS bill payments you can not only just pay for your utility bills but can also facilitate faster money transfers. The RBI has approved the Bharat Bill Payment System for both domestic and international use. With the help of religare agents, you can make instant transfers to any location in Nepal, India, and other countries.
The Top 10 Advantages of BBPS
BBPS ought to be the platform of choice when it comes to paying your monthly bills for gas, water, electricity, etc. This is due to the several advantages it offers, which are as follows:
Compatible
The Bharat Bill Payment System’s most lucrative benefit is that it creates an ecosystem that unites banks, non-banking financial institutions, companies, payment service providers, and customers. This makes the entire process more efficient and eliminates the need to have different platforms. Millions of individuals across have benefited from Bharat Bill Payments System by using it to make secure payments.
Integration
The technology allows millions of customers to access over 21,000 billers, enables a variety of payment methods, and speeds up settlements. Operating Unit or OU need to connect only to Control Unit or CU to get access to all the billers. The utility companies just need to connect to maximum two OUs to enable all customers to pay their bills.
Simple Accessibility
The quickest payment method is ideal when you are pressed for time and need to make the payment as soon as possible. You can use a variety of payment gateways to make digital bill payments with BBPS. Additionally, you can choose to visit any of the Agent Institutions included in this payment platform. In India, customers can pay through digital channels (websites, apps, etc.) as well as physical payment collecting locations (bank branches, agent collection storefronts, etc.).
Saving money
Making money transfers can frequently result in a service fee that varies based on the market. However, there are no extra fees associated with the Bharat Bill Payment System; it simply requires a one-time price. Therefore, each time you make a payment or transfer money from your bank account, you will be able to save a sizable amount of money.
Standardization
The BBPS Bill Payments platform was developed in a way that it makes sure that all the payments are processed in accordance with a specific set of guidelines. All payments and transfers are standardised throughout the ecosystem.
Handling complaints
A team of highly qualified customer service agents work tirelessly to help the billers with their complaints. A due diligence procedure is meticulously followed to address the questions and grievances of the customers.
Handling Conflicts
Like the physical payment processes, digital payment systems are also susceptible to errors. In certain situations, banks and other financial organisations can file complaints with BBPS. The BBPS bill payment system investigates the issue right away. These payment disputes and disagreements are resolved on priority. They are tracked, in case more analysis and research is required.
Promised Settlements
The Bharat Bill Payment System guarantees clearing and settlements in cases where payments have failed after the funds got deducted out of the bank account of the customer. Within the turnaround time (TAT), the compensation is provided to the customer.
Brand Connect
The customers’ trust and confidence in the BBPS brand is maintained as the system provides a consolidated, successful and efficient way of addressing their concerns and complaints.
Safety
Transaction security and safety, biller information verification, and compliance are guaranteed with guidelines established by BBPS Bill Payments process.