Bharat BillPay (BBPS) – To improve ROI of the banks

With digital advancements on the rise, it can be easily said that it has an impact on each and everything. While people used to pay for everything with cash a decade ago, more and more people are going cashless now and are opting to make payments either through debit/credit cards or online banking.
While everything is progressing ahead, it sometimes still is a tedious task to make bill payments for utility services, and Bharat Bill Pay Systems is an online platform developed by NPCI focusing on making payments on a single platform with instant receipt generations. The basic aim of this platform is to connect the providers to utility services to payment service providers.
This service would allow consumers to make payments on the go, and the receipts for the transactions would be generated by NPCI network. Additionally, this allows service providers to opt for electronically generated bills and save on infrastructure cost of having bill collection centres. With online payments, everyone is worried about the security systems, and for this Bharat Bill Pay system has a fraud monitoring along with risk management solutions which ensure safe online transactions.
Customers need to register in order to be able to use this service, and they can do so easily by visiting an outlet or simply visiting the official website of BPPS.
While there are various benefits that a customer gets out of this, banks also have various benefits, one of them being increase in their ROI. While more and more people use banking software solutions, that simply implies that the footfalls observed in the banks would reduce drastically, thus they can save a lot on infrastructural costs. Other than this, since almost everything would be online and automated, it also reduces the costs of manual labour and time.

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