Bharat Bill Payment System is given to customers through a network of agents, enabling various payment modes, including cash, and instant acceptance of payment is provided after the transaction.
In yet another step to make India a cashless economy, the Reserve Bank of India (RBI) on Monday declared that it is expanding the scope of the Bharat Bill Payment System (BBPS) to serve under its ambit all repetitive bill payments, except prepaid recharges.
This means you can now pay any recurring payment like monthly school fees, insurance premiums, municipal taxes, maintenance charges at housing societies, mutual fund contributions or even EMIs. Till now, the Bharat Bill Payment System used to provide to just five segments — direct to home (DTH), electricity, gas, telecom and water.
But why you should opt for Bharat Bill Payment System to pay their bills? And how would it help the other stakeholders? To know that, let’s take a brief look at exactly how the system works.
The Bharat Bill Payment System was started by the National Payment Corporation of India on 31 August 2016 under the guidance of RBI executive director G. Padmanabhan committee. The platform provides consumers across the country to use one single website or outlet to pay all their bills with the reliability and safety of transactions. According to a report, a total of 338 million transactions took place on the Bharat Bill Payment System network throughout 2018-19.
The payment service is provided to customers through a network of agencies, enabling various payment modes, including cash, and instant approval of payment is provided after the transaction. It even has a regulated system to handle complaints about both online and offline transactions.
Payment is permitted in cash at authorized kiosks, retail shops and bank branches, or digitally through debit card, credit card, net banking, UPI, mobile wallets, at websites and apps of banks and non-bank entities etc.
To enjoy Bharat Bill Payment Services, a customer has to complete a one-time registration process. Registration can be done by visiting any authorized retail outlet or the official website and providing personal details like name, address, email, mobile number and ID proof. After the registration, a customer ID will be issued which can be used for future transactions.
With the Bharat Bill Payment System, customers now no longer need to visit individual billing companies’ website or outlets to pay their bills. The platform would also eliminate the queues outside the billing windows in India.
Moreover, transactions made through the platform are transparent, safe and saves time, benefitting not just citizens, but also helping the economy by restricting black money and corruption.
For service providers, the greatest advantage is that they would get instant payments and need not maintain bill collection centres for themselves, thereby helping in cutting costs.
So, given the comfort and safety of the platform, one can safely assume that the Bharat Bill Payment System is going to change the way India pay its bills.