Bharat Bill Payment System: Pay Bills Anytime, Anywhere
All of us have experienced the excursion of being in long queues to pay our electricity or water bills, or any other municipality bills for that matter. In India paying up government bills was really hard work, it was tedious, and it was excruciating. More than that, it was time-wasting. But then the country saw a real shift when on the recommendation of the Reserve Bank of India (RBI), the National Payment Corporation of India (NPCI) launched Bharat Bill Payment System (BBPS). BBPS is an all-inclusive platform and Integrated Payment System that allows users to pay various kinds of municipality bills under one umbrella. It was a huge step in changing the payment system in India, just like the Aadhaar Enabled Payment System (AEPS).
What is Bharat Bill Payment System?
- Bharat Bill Payment System or BBPS is a conceptualized ecosystem of payment methods developed by NPCI. It is a one-stop solution for all recurring bills and renders payment service at any time and from anywhere. Through a single gateway, one can pay all kinds of bills including electricity bills, loan repayments, water bills, credit cards, education fees, and more.
- In November 2014, the guidelines for Integrated Payment System were set up by RBI. After that, NPCI developed BBPS and officially launched it in 2016.
- BBPS creates a platform to connect banks, and non-banks in the business of bill aggregation with payment service providers, and retail bill outlets.
What are the objectives of the Bharat Bill Payment System?
Here are some core objectives of BBPS:
- Render accessibility and convenience to customers by being able to pay their bills from anywhere and at any time they want to.
- Generate more business for B2B and BtoC software-providing companies.
- Provide a more secure and safe gateway of payments for customers, that is easily verifiable as well.
What Kind of bills can be paid via BBPS?
Using various different kind of payment modes, BBPS allows you to make payments for the following bills:
- Electricity Bill
- Water Bill
- Housing Society Bill
- Gas Bill
- Loan Repayment
- FasTag Recharge
- Insurance Premium
- Landline recharge
- Postpaid recharge
- Broadband Bill
- LIC Premium
- Education Fee
Payment Modes for paying bills via BBPS
Using the BBPS system, one can make payment via the following modes:
- Internet Banking
- Credit, Debit Card
- Mobile Wallet
- Aadhaar-Enabled Payment System
- Mobile Banking
Working of BBPS Service
➔ The whole working mechanism of the Bharat Bill Payment System is bifurcated into two parts that work in coordination with each other; BBPCU and BBPOU.
➔ The core of the Bharat Bill Payment System is BBPCU, which functions in laying the groundwork of rules and procedures for the participants. It also functions for resolving disputes and rendering settlement between the agent and BBPOU.
➔ The second part, BBPOU, operates the payment system; both offline and online for BBPS.
Features and Benefits of BBPS
- There is no need for customers to hustle through lines or get anxious about making bill payments at the last moment. Because now they can easily make bill payments from anywhere and at any time.
- At the same time, another benefit of BBPS is that it can render services even in low-banking regions.
- One of the other core benefits of BBPS is that one can make payments via a wide range of options like e-wallets, UPI, debit and credit cards, and more.
- In case of any issue, one can visit the service centers for the bill payments that are located nearest to the customer’s residence or workplace.
- A customer can make payment via any BBPS outlet, be it ATMs, Customer Service Centers, or bank branches.
- Security and reliability are other major benefits of BBPS. One gets instant verification and confirmation via Email, SMS, or receipt for the transaction.
Which is the best BBPS Software company in India?
- One of the leading BBPS Software companies in India is Noble Web Studio payment software inculcates an expert and skilled team to give you the most entrusted online bill payment system. Based on the most advanced of technologies, our BBPS software is built in a way to give you all room for customization and personalization.
- With just one click, you can pay all the above-mentioned bills with Noble Web Studio payment software, and also earn a generous commission! After becoming an authorized bill payment person, you can create a chain of members under you and earn a commission on every bill being paid via your downline.
- All your payment transactions can occur via the BBPS website, mobile app, and BBPS API.
- Complete freedom and authority are provided by Noble Web Studio bill payment software for the B2B panel of BBPS. This way you can operate your own bill payment system.
Key Hallmarks that make Noble Web Studio Payment software the right choice:
- Easy-to-understand mechanism
- Fast and secure payments
- Instantaneous resolution of issues
- An effective and convenient method of payment for stakeholders and customers
- Free technical support
- Integration of multiple APIs can be done
- Can be customized as per the needs
Scope of BBPS in India: Conclusion
The popularity of BBPS is increasing day by day in India. With the introduction of this amazing payment system, billers are now not standing in long queues, but they can just pay their municipal bills online from anywhere and at any time.
Since BBPS was launched in 2016, at least 20,000 institutes have joined their payment services and the number is ever-increasing each day. In the financial year of 2017-18, approximately 1 Crore transaction took place via BBPS and those numbers jumped to 3,600 Crore in the FY 2020-21. This clearly indicates that Bharat Bill Payment System is here to stay. Not only is it growing for the usage of the general public and making their lives easier, but it is also providing immense business opportunities for payment merchants and making good profits out of the system.