The wallet revolution bought a revolution for the users who pay their DTH, mobile, and internet bills with a mobile wallet. The reserve bank of India in an attempt to do the same for utility bills launched a new platform. According to the reserve bank of India Rs, 6223 billion is generated in bill payment from about 20 major cities with 70 percent of the same was in cash. To make this payment hassle-free and channelized, the national payments corporation of India launched the Bharat bill payment system. Let us take a look at what it is and how it has transformed the utility payments in India.
What is Bharat bill payment?
The Bharat bill payment system is a conceptualized system by the reserve bank of India and driven by the national payments corporation of India. It is a one-stop platform that allows payment for all bills by providing interoperable and accessible bill payment services. It has become popular with the anytime anywhere payment of a bill for the customers all over India with certainty, reliability, and safe transactions.
How is it different from mobile wallets?
The popular providers such as PayTm offer utility bill payment services, the services they provide is restricted to the tier 1 and tier 2 cities. The BBPS service on the other hand is a national phenomenon. Even a person in a rural area can pay their bills through this all-in-one ecosystem. It also provides payment through ATMs, MPOS machines, business correspondents, and agents which allows full integration of this service even in the remotest area.
What are the charges?
The NPCI doesn’t specify any charges for the services provided by BBPS whilst the banks may charge some fee in order to make it viable. The wallets are luring the customers by providing various discounts but the whole platform is pivoted to the banks starting a convenience charge.
How to make payment using BBPS
Making a bill payment is an easy job if you do the following steps perfectly
- Step 1: Connect your number to any internet banking or app of your respective bank or visit a bank or retail shop.
- Step 2: in the respective app click on the BBPS tab
- Step 3: you have to now choose the biller and enter the details of the bill
- Step 4: You have to initiate the payment and get the confirmation for payment.
Key features of BBPS
The BBPS online payment service offers various features to improve efficiency and make bill payments a cakewalk for people. Let us take a look at some of the noteworthy features.
Interoperable: The platform connects the banks and the non-bank system in the business of bill aggregation. It also brings together billers, payment service providers, and retail bill outlets.
Accessible: It facilitates bill payment through any channel no matter whether it is digital and physical.
Complaint management: It has a standardized system to handle the grievances of the customer for both ON-US and OFF-US transactions
Clearing and settlement: It offers multiple clearing and guaranteed settlements between various parties.
Benefits of BBPS
- Convenient and reliable service with a high level of Trust and Security
- Transparent pricing with instant payment confirmation
- Unified Grievance Handling
- Rules are standard
Bottom line
Gone are the days where you can pay only one bill at a time with the Bharat bill pay online system. You can get a lot of benefits from this method. If you want to have trouble-free bill payment, you can go for the BBPS ecosystem.