Bharat Bill Payment System (BBPS)
Source : PIB
GS II : Important International institutions, agencies and fora- their structure, mandate
Overview
- News in Brief
- About Bharat Bill Payment System (BBPS)
Why in News ?
Bharat Bill Pay, which was introduced as a division of the National Payment Corporation of India (NPCI) in 2021, has seen a threefold increase in activity in only two years.
News in Brief
- CEO of NPCI’s Bharat Bill Pay, stated in a conversation with media on the sidelines of the third finance ministers and central bank governors conference taking place in Gandhinagar that the company wants to go well beyond consumer bill payments.
- The G-20 event was attended by Bharat Bill Pay to promote all of the NPCI and subsidiary goods.
- The Bharat Bill Payment System (BBPS) is an integrated bill payment system in India that is regulated by the RBI and provides clients with interoperable and accessible bill payment service through a network of agents.
About Bharat Bill Payment System (BBPS)
- The BBPS is an integrated bill payment system or platform that connects users and different billers.
- It is a one-stop ecosystem for paying all bills, offering clients across India an interoperable and accessible Anytime Anywhere bill payment solution with certainty, dependability, and transaction safety.
- By grouping different utility providers under a single platform, it provides clients with the ease of payment.
- It serves as a single point of contact for customers who wish to make various payments, including those for utility bills, loans, FasTag recharges, and other items.
How does Bharat Bill Payment System work?
- It has Bharat Bill Payment Central Unit (BBPCU)
- The BBPCU is NPCI.
- It establishes the policies and requirements for the BBPS.
- BBPOUs (Bharat Bill Payment Operating Units) follow the guidelines established by BBPCU.
- They manage the payments workload on behalf of the banks and non-banking businesses.
- Then there are billers (utility suppliers) and agents, who work largely on the collecting side for BBPOUs.
- These people can be institutions or private persons.
What is the maximum amount of BBPS? :
- Maximum Rs. 10 lakh per borrower.
- The government supports free electronic transactions under Bharat Bill Payment System or BBPS
What are the diffferent payment channel for BBPS?
- Multiple payment methods, including the internet, internet banking, mobile devices, mobile wallets, bank branches, agents, and business correspondents, among others, can be used to begin Bharat BillPay transactions.
- It offers immediate payment confirmation via an SMS or receipt.
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