How to use BBPS?
- Step 1: First link your mobile to any internet banking gateway or app of your respective bank or visit a bank or retail shop.
- Step 2: Open the BBPS tab in the respective app
- Step 3: Now you have to choose the type of bill or the biller and feed the details of the bill
- Step 4: After you initiate the payment, confirmation has to be given, and get a message.
Noteworthy features of BBPS
Interoperable: The BBPS interface connects the banks and the non-bank system in the business for aggregation of the bill. It also pulls together billers, service providers of payment, and retail bill outlets.
Accessible: It provides a bill payment option through any channel no matter whether it is digital and physical.
Complaint management: The standardized system to address the grievances of the customer for both ON-US and OFF-US transactions makes it most favorable for customers.
Clearing and settlement: It provides multiple clearing and guaranteed settlements between plenty of parties.
Benefits of Bharat bill payment system
· Various payment channels: The customers make a transaction through various payment channels such as Internet Banking, Mobile-Banking, m-wallets, ATM, and agents.
· Different modes of payment: The Bharat bill payment platform gives endless modes to process payment of a bill. Some of the common modes of payment available are Credit, Debit, and Prepaid cards, NEFT, Internet banking, UPI, Wallets, Aadhar enabled payments system, and cash.
· The processing of bill payment is cost-effective
· Connects banks and non-banks through interoperability of the BBPS
· The Bharat bill pay online is simple and safe to use
· Owns a Standardized dispute management system
· Payment can be done either on physical or digital channels.
· Faster settlement of payments is possible.