The Bharat Bill Payment System (BBPS) is a new initiative by NPCI (National Payment Corporation of India) for uniform online payment mode for all the bills geenrated in India i.e. it will function as a tiered structure for operating the bill payment system in the country under a single brand image. As like BHIM (Bharat Interface of Money), which is a single application for making transaction through any banks in India.
There are approximately transaction value of rupees six billions bills are generated each year in India. There are lot of transaction which were made through the diversified mode. BBPS is an integrated bill payment system in the country that offers interoperable and accessible bill payment services to customers through a network of agents, allows multiple payment modes and provides instant confirmation of payments.
NPCI BBPS will be an integrated platform connecting banks and non-banks in bills aggregation business. National Payments Corporation of India (NPCI) will be the authorized Bharat Bill Payment Central Unit (BBPCU), which will be responsible for setting business standards, rules and procedures for technical and business requirements for all the participants.
NPCI, as the BBPCU, will also undertake clearing and settlement activities related to transactions routed through BBPS. Existing bill aggregates and banks are envisaged to work as Operating Units to provide an interoperable bill payment system irrespective of which unit has on-boarded a particular biller. Payments may be made through the BBPS using cash, transfer cheques, UPI, BHIM,Debit card, Credit Card and electronic modes.
The BBPS will act as an independent brand and is expected to increase the confidence level of the customers with respect to transaction convenience, security, reliability, accessibility and affordability.