Bharat Bill Payment System (BBPS) is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents of registered members as Agent Institutions (AI), enabling multiple payment modes, and providing instant confirmation of payment.[1]
National Payments Corporation of India (NPCI) functions as the authorised 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 aggregators 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, and electronic modes. BBPS has also been integrated with the Unified Payments Interface (UPI) for Easy, Safe & Instant Payments through UPI enabled Smartphones.[2]
The Committee headed by RBI Executive Director G. Padmanabhan was set up in 2013 to study the feasibility of implementation of Giro based Payment Systems. It had estimated that over 30,800 million bills amounting to ₹6223 billion are generated each year in the top 20 cities in the country.[1]
It was felt that an integrated bill payment system is required in the country that could offer interoperable and accessible bill payment services to customers through a network of agents, allow multiple payment modes, and provide instant confirmation of payment. This should also serve as an efficient, cost-effective alternative to the existing systems and enhance consumer confidence and experience.
On 6 August 2022, the Reserve Bank of India (RBI) allowed BBPS cross border inward billing facility for Non-resident Indians. NRIs can now directly pay utility bills, education fees, municipal tax and insurance-related payments without the need to send money first to a resident Indian bank account.[3] The facility became active from 13 September 2022.[4] On September 20, RBI governor Shaktikanta Das officially launched Bharat BillPay Cross-Border Bill Payments at Global Fintech Fest 2022.[5]
Unified Presentment Management Systemedit
NPCI on 4 January 2022 launched Unified Presentment Management System (UPMS) for recurring payment. Customers can set up standing instructions for any mode of payment. The payment will be done automatically in terms of auto-debit and bill payment management. UPMS will help in payment of mutual funds, insurance, subscriptions, school fee payments etc.[6]
bharat, bill, payment, system, bbps, integrated, bill, payment, system, india, offering, interoperable, accessible, bill, payment, service, customers, through, network, agents, registered, members, agent, institutions, enabling, multiple, payment, modes, provi. Bharat Bill Payment System BBPS is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents of registered members as Agent Institutions AI enabling multiple payment modes and providing instant confirmation of payment 1 Bharat Bill Payment SystemOperating areaIndiaFounded2013 11 years ago 2013 OwnerNPCIWebsitewww wbr bharatbillpay wbr comNational Payments Corporation of India NPCI functions as the authorised 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 aggregators 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 and electronic modes BBPS has also been integrated with the Unified Payments Interface UPI for Easy Safe amp Instant Payments through UPI enabled Smartphones 2 Contents 1 Background 1 1 Unified Presentment Management System 2 See also 3 ReferencesBackground editThe Committee headed by RBI Executive Director G Padmanabhan was set up in 2013 to study the feasibility of implementation of Giro based Payment Systems It had estimated that over 30 800 million bills amounting to 6223 billion are generated each year in the top 20 cities in the country 1 It was felt that an integrated bill payment system is required in the country that could offer interoperable and accessible bill payment services to customers through a network of agents allow multiple payment modes and provide instant confirmation of payment This should also serve as an efficient cost effective alternative to the existing systems and enhance consumer confidence and experience On 6 August 2022 the Reserve Bank of India RBI allowed BBPS cross border inward billing facility for Non resident Indians NRIs can now directly pay utility bills education fees municipal tax and insurance related payments without the need to send money first to a resident Indian bank account 3 The facility became active from 13 September 2022 4 On September 20 RBI governor Shaktikanta Das officially launched Bharat BillPay Cross Border Bill Payments at Global Fintech Fest 2022 5 Unified Presentment Management System edit NPCI on 4 January 2022 launched Unified Presentment Management System UPMS for recurring payment Customers can set up standing instructions for any mode of payment The payment will be done automatically in terms of auto debit and bill payment management UPMS will help in payment of mutual funds insurance subscriptions school fee payments etc 6 See also edit nbsp India portal nbsp Banks portal nbsp Money portalIndia Stack Aadhar Indian passport Immediate Payment Service Merchant account National Payments Corporation of India Permanent account number Indian ration card RuPay Unified Payments InterfaceReferences edit a b Implementation of Bharat Bill Payment System BBPS Guidelines Reserve Bank of India 28 November 2014 Archived from the original on 6 December 2014 Retrieved 29 November 2014 NPCI About Bharat Bill Payment System BBPS National Payments Corporation of India Archived from the original on 3 January 2017 Retrieved 2 January 2017 M Maulik 6 August 2022 NRIs will now be able to pay for services in India directly mint Retrieved 7 August 2022 Good News for NRIs India now accepts cross border payments The Economic Times 13 September 2022 Retrieved 13 September 2022 Chanchal 20 September 2022 UPI Lite among key digital payment initiatives launched Here s how it works mint Retrieved 21 September 2022 Shetty Mayur 4 January 2022 NPCI arm enables recurring payments for services at a click The Times of India Retrieved 6 January 2022 nbsp nbsp This article related or pertaining to the economy of India is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Bharat Bill Payment System amp oldid 1215878633, wikipedia, wiki, book, books, library,
