Bharat BillPay records transaction growth of 75% in March 2018 compared with March 2017
Bangalore: Bharat BillPay, the one stop bill payment ecosystem launched by National Payments Corporation of India (NPCI) is becoming popular with each passing month. The ecosystem has facilitated 31.5 million bill payment transactions in March 2018 compared with 18 million in March 2017 recording a growth of 75%.
Consumerscan currently pay for the following in the BHARAT BILLPAY Ecosystem–
· Direct-To-Home (DTH)
· Telecom (Mobile-Postpaid, landline-Postpaid and Broadband)
· Gas pipe-line bills
There aremultiple channels available to a consumer for paying bills which includesInternet banking, Website, Mobile banking/mobile app, or physicalcollection points like Kirana shops/agents/BCs and bank-branches. Besidesthat, there are multiple payment options namely, Debit card, Internet banking,Mobile banking wallets, Unified Payments Interface (UPI), Cash etc. Once billsare paid, the consumer receives instant confirmation in the form of SMS / emailor printed receipt.
Mr.A.R.Ramesh, Chief Project Officer, Bharat Bill Payment System said, “Theprimary reason behind growing acceptance of Bharat BillPay among consumers isthe ease of making instant and safe bill payments to any biller of any state,city or region from anywhere in India. The consumer has the option of usingBharat BillPay enabled internet banking, mobile banking or Bharat BillPayenabled website/app/agent assisted collection points. By just seeing the BHARATBILLPAY logo, consumer can access the touch points and pay their bills in onego. Instead of using multiple apps or logging in to different websites or eventravelling to various collection points, the brand empowers and promises a onestop destination for payment of all utility bills. Consumers save cost and timeinstead of travelling to different places or visiting various websites.”
A biller isa service provider/utility company who receives payment for the servicerendered. Currently, the ecosystem has enabled 75 billers (Electricity:49; DTH:3; Mobile Postpaid: 4; Landline Postpaid: 2; Broadband: 3; Gas: 10;Water; 4) who are spread across 20 states and 3 Union Territories in India, ofwhich 13 billers are available across India. The objective has been to rapidlyenhance the biller base to enable easier bill payment for consumers under onesingle ecosystem (Bharat Bill Payment System). As of date 1.7 million agentshave been on-boarded.
AboutBharat Bill Payment System: Bharat Bill Payment System is a Reserve Bank of India’s (RBI)conceptualised ecosystem, managed by National Payments Corporation of India(NPCI) which offers integrated, accessible and interoperable bill paymentservices to consumers across geographies with certainty, reliability and safetyof transactions. It offers bill payment service to consumers through a networkof agents/ retail shops/ bank-branches and digital channels like Internetbanking, mobile apps, websites of banks and non-bank entities. As on date, 61banks and 10 non-bank entities function as Bharat Bill Payment Operating Units(BBPOUs) in the country. A BBPOU can be a bank or a non-bank institution whichhandles payment and aggregation of services related to bill payments under thescope of Bharat Bill Payment System (BHARAT BILLPAY). Non-bank entities includeaggregators, prepaid instrument issuers and consumer facing organisations. Thepilot phase of Bharat Bill Payment System was launched by former RBI DeputyGovernor, Mr. R. Gandhi on August 31, 2016. After successful completion of thepilot run, RBI accorded their approval and subsequently NPCI announced thelaunch of Bharat Bill Payment System on October 17, 2017.
AboutNPCI: NationalPayments Corporation of India (NPCI) was set up in 2009 as the centralinfrastructure for various retail payment systems in India and was envisaged bythe Reserve Bank of India (RBI) as the payment utility in the country. From asingle service of switching of interbank ATM transactions through NationalFinancial Service, the range of services has grown to Cheque Truncation System,National Automated Clearing House (NACH), Aadhaar Enabled Payment System(AePS), USSD based *99#, RuPay card, Immediate Payment Service (IMPS), BharatInterface for Money - Unified Payments Interface (BHIM UPI), BHIM Aadhaar,National Electronic Toll Collection (NETC) and Bharat BillPay.