The Bharat Bill Payment System (BBPS) is the new universal one stop payment system for paying all the bills generated in India through any of the billers either Government, Services or Private. In order to make the paying bills hassle free, convenient and comfortable, NPCI has launched the Bill Payment system in India i.e. BBPS.
The BBPS system will provide service to collect billing related everyday activities of the customer. The majority of billing services are telephone bill, electricity bill, water bill, Mobile bills, Postpaid bills, Insurance payment, LIC payment etc. BBPS will also extends it services to collect payments for the services other than those mentioned above, like government taxes, school fees, mutual fund payments, insurance premiums, etc. Multiple modes for making a payment like debit or credit cards, e-wallets, cash, net banking, etc. will be available.
The major benefit of BBPS services are in case of intra biller payment mode for example Let’s assume you are using Airtel Money, and that it has been signed on as a BBPOU under the new system. You might have been using Airtel Money to pay your Airtel Broadband or Airtel DTH bills in the past but not your Reliance Jio phone bill.
If Reliance Jio signs up with the BBPS as a bill generator, then it should become possible to pay the phone bill using Airtel Money as well. It will be similar to various services provided by eWallet PayTm and Oxigen beside many others.
The biggest advantage is that once registration made on BBPS , reminder along with automatic payment facilities will be provided anywhere and anytime. There would be physical kiosks, retail points for bill payments across the country which would be able to accept all kinds of bills payments made through any channel of payments like credit cards, debit cards, mobile wallets, net banking (IMPS, NEFT). There are chances that existing banks branches, ATMs, business correspondents, kiosks etc. will be act as the payment center on behalf of NPCI for collecting payment and giving instant receipts to customer.
Benefits of BBPS
The major benefits of the Bharat Bill Payment System (BBPS) are divided in two sub categories i.e. customer benefits and participant benefits.
- Customers will be given facilities of paying bills any time , anywhere through any mode.
- The access to the system will be available everywhere in India as like BHIM.
- There were all available existing mode of payment will be there for customer as like ewallet, , debit cards, credit cards, e-wallets, etc.
- Payment for any bill from any biller could be made through a single portal i.e. BBPS.
- There will be physical Kiosks or BBPS service point for accepting the bill payment and generating receipt for customer.
- The instant confirmation in the form of SMS or email or paper receipt for the bill payment is a sign of relaxation for the customers.
- Security and reliability could be entrusted in the customers with the use of this system.
- All the biller can be part of BBPS system.
- Easier for participants like LIC, DISCOM etc for collecting and accounting the transaction.
- Frauds could be reduced to nil by active monitoring and implementing of the risk mitigation system.
- The system reduces the cost for the billers by providing e-bills.
- It will transform the cash mode of bill payment to automatic mode, along with encouraging self-service mode of payment.
- Participants can have option to generate more business through attracting customer at one portal.