Visiting all the billers’ websites one by one in order to pay the bills is a rather hard and time-consuming activity, stealing lots of precious moments from your daily routine. Bharat Bill Payment System, or simply, BBPS, facilitates many chores in your life. Read on to know how BBPS is making the lives of millions of Indians easier and hassle free every day. Bharat Bill Payment System is a digital system introduced by the Reserve Bank of India (RBI) and managed by the National Payments Corporation of India (NPCI).<\/p>\n
BBPS is an integrated and easy-to-use interoperable software system, which means it is a bill payment service designed to bring safety and reliability to transactions in the lives of consumers located in any part of the country. The <\/span>BBPS payment<\/span><\/a> system represents a network of about 70 banks, more than 10 payment applications, and about three lakh retail agents.<\/span><\/p>\n BBPS has been especially designed to have a wide range of billers. Users can pay different types of bills through the BBPS platform.<\/p>\n Using\u00a0 BBPS, you can make payments for bills like electricity, internet, telecom, DTH, school fees, municipal taxes, EMIs, hospital bills, insurance premiums, recurring deposits, and much more. In all, BBPS is a\u00a0 a super convenient digital platform for your billing requirements.<\/p>\n Here is a list of the billers on the BBPS payment system –<\/p>\n The BBPS payment system was launched in October 2017, with the pilot phase beginning in August 2016. The Reserve Bank of India noted the need for an integrated bill payment system in India, which provides an integrated and widely-accessible bill payment service to customers.<\/p>\n They envisioned it as a network of agents that allows multiple payment modes and offers instant payment confirmation to the customers.<\/p>\n Being a cost-effective and technologically efficient platform, it was planned to be an alternative to all the existing systems. Therefore, BBPS set a unique standard for bill payments in India and won the trust of the users and enhanced their overall experience.<\/p>\n But how does BBPS work? Under one brand identity, the Bharat Bill Payment System operates as a systematic tiered structure for bill payments in India, allowing customers with the convenience of ‘anytime’ and ‘anywhere’ bill payments. The two key elements of the BBPS payment system are the two entities that perform distinct functions.<\/p>\n They are \u2013<\/strong><\/p>\n Bharat Bill Payment Central Unit (BBPCU): <\/strong>BBPCU is a single authorized entity that operates the BBPS\u00a0 and sets the required technical, operational, and business standards for the whole system. It also carries forward the clearing and settlement activities.<\/p>\n Bharat Bill Payment Operating Units (BBPOUs):<\/strong> BBPOUs are the designated operational units functioning according to the standards brought into action by BBPCU. The functional network\/s of effective agents from BBPOUs is further reinforced within the systematic framework of BBPCU. However, only one BBPCU will be present, yet, there might be several BBPOUs conducting businesses under the aegis of the BBPS.<\/p>\n Here are the step by step process in BBPS payment system \u2013<\/strong><\/p>\n Step 1:<\/strong> A consumer pays using a channel that can be a website, net banking interface, agents, retail shops, non-banks interface, mobile applications of banks, or non-banks.<\/p>\n Step 2:<\/strong> BBPCU collects the amount through debit and gathers information from the bank\/non-bank.<\/p>\n Step 3:<\/strong> BBCPU conducts settlement between BBPOUs and transfers bill information and payment messages.<\/p>\n Step 4:<\/strong> Lastly, a utility-connected bank or non-bank entity transmits data to utilities and credit accounts.<\/p>\n The following are some of the most important characteristics of BBPS that makes it a crucial aspect of the life of consumers-.<\/p>\n BBPS is an integrated system connecting all banks and non-banks into bill aggregation. Bill payments via BBPS is all about a service through which consumers can pay their bills on one platform through wide networks of digital channels like internet banking or mobile apps. The BBPS is helpful in making the society less cash dependent through the migration of bill payments from cash to the digital mode.<\/p>\n BBPS has expanded its reach to a wider base of customers through OFF-US business.<\/p>\n BBPS payment system has the potential to offer value-added services, such as online presentment<\/p>\n BBPS boasts of a standard and user-friendly interface.<\/p>\n Bill payments with BBPS have a timely and assured settlement<\/p>\n BBPS efficiently manages the system with bulk payments, swift buyer and supplier handling, while keeping digital records to bring down the cases of disputes.<\/p>\n Discover a ready pool of verified entities with the ability to assess their digital invoicing and payment behaviour via a \u2018trade credit score\u2019 that minimizes background checks on your part.<\/p>\n BBPS offers a cost-effective solution to bill payments.<\/p>\n The BBPS payment system helps a user to have real-time payment updates with synced invoices and thus decreases the number of missed dues on payments.<\/p>\n BBPS makes sure that the user makes the transaction in a safe environment with proper security measures. This brings confidence among them and encourages them to use digital platform for their bill payment requirements.<\/p>\n Billers obtain a better liquidity position because of faster settlement of bills.<\/p>\n Even for small billers or those whose operations are confined to small geographies, entry is low.<\/p>\n Billers can easily connect to a system in a simple and flexible manner through two standard APIs, or Application Programming Interfaces. The standard APIs ensure uniformity in how the various billers interact with the payment system.<\/p>\n The BBPS payment system has significantly reduced capital expenditure and operational expenditures.<\/p>\n The BBPS system is easily accessible to any person having a stable internet connection. The system is accessible and easy to use for residents in India from anywhere in the country.<\/p>\n It helps in adopting the dream of the Government of India towards the Digital India concept. It offers convenience and flexibility of payment channels to the users so that they can make payments at any time and from anywhere. One can settle their bills with their smartphone on one platform, whether sitting at home or on the move.<\/p>\n The system is available 24\/7 so that the customers can pay the bills at any time which may be suitable for their convenience.<\/p>\n The BBPS offers the most trustworthy and safe service regarding payments, hence enhancing trust during a transaction.<\/p>\n Payment receipts may easily be availed for settlement in case of an invoice from BBPS besides all details concerning the collection.<\/p>\n BBPS is, therefore, the perfect system to have banks or financiers have access to a comprehensive database of buyer-approved invoices and transactions. As such, BBPS will be instrumental in giving businesses competitive lending rates.<\/p>\nTypes of bill payments on BBPS<\/strong><\/span><\/h2>\n
Housing & Utilities<\/strong><\/span><\/h3>\n
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Communication<\/span> <\/strong><\/h3>\n
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Travel <\/strong><\/span><\/h3>\n
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Finance<\/span> <\/strong><\/h3>\n
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Entertainment<\/span> <\/strong><\/h3>\n
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Health<\/span> <\/strong><\/h3>\n
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The Need for BBPS<\/strong><\/span><\/h2>\n
Advantages of BBPS<\/strong><\/span><\/h2>\n
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Advantages of BBPOU<\/span><\/strong><\/h3>\n<\/li>\n<\/ol>\n
Interoperable<\/strong><\/span><\/h4>\n
Reach <\/strong><\/span><\/h4>\n
Value added services<\/span> <\/strong><\/h4>\n
Interface <\/strong><\/span><\/h4>\n
Timely and guaranteed settlement<\/strong><\/span><\/h4>\n
Efficient system<\/strong><\/span><\/h4>\n
Only verified entries<\/span> <\/strong><\/h4>\n
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Benefits to Billers:<\/span>
\n<\/strong><\/h3>\n<\/li>\n<\/ol>\nCost-effective medium<\/strong><\/span><\/h4>\n
Unified communication<\/strong><\/span><\/h4>\n
Transparent tracking<\/strong><\/span><\/h4>\n
Better liquidity<\/strong><\/span><\/h4>\n
Easy access<\/span> <\/strong><\/h4>\n
Plug-and-play connectivity options<\/span> <\/strong><\/h4>\n
Lower CAPEX and OPEX<\/strong><\/span><\/h4>\n
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Benefits to Customer<\/strong><\/span><\/h3>\n<\/li>\n<\/ol>\n
Accessible<\/strong><\/span><\/h4>\n
Convenience<\/strong><\/span><\/h4>\n
24\/7 available<\/strong><\/span><\/h4>\n
Trustworthy<\/span> <\/strong><\/h4>\n
Ease of Payments<\/strong><\/span><\/h4>\n
Financing Gets Better<\/strong><\/span><\/h4>\n
BBPS with Religare<\/strong><\/span><\/h2>\n