Making Bill Payments Easier and Faster With BBPS

Making Bill Payments Easier and Faster With BBPS

Making Bill Payments Easier and Faster With BBPS

BBPS full form is Bharat Bill Payment System, which is an innovative initiative by the National Payment Corporation of India (NPCI) aimed at achieving a uniform mode for online bill payments in India. Simply put, it is an integrated system of bill payment that offers interoperable services through an agent network, allowing multiple modes of payment and providing instant payment confirmations. 

Connecting banking and non-banking units with aggregation businesses, NPCI is responsible for the participants’ business standards, procedures, and rules. You may carry out BBPS bill pay using cash, BHIM, UPI, transfer cheques, credit card, debit card, or electronic mode. Let’s find out more about this payment system and what its benefits are.

BBPS Objectives

The primary objective of BBPS is to ease bill payments and improve their speed and security through a central unit and operating units. It enhances the reliability and certainty of the transactions by offering an integrated bill payment service. You may avail the service through multiple modes of payments, online or through an agent network, and receive instant confirmation of the bill payment. It aims to transform Indian society into an electronic system from cash, thereby reducing dependency on cash.

System Participants

BBPS primarily has two participants who are authorised to carry out different activities. They are:

  • BBPCU (Bharat Bill Payment Central Unit)

These units are solely authorised for BBPS operations. They set technical, business development, and operational guidelines for the system and its participants. They also manage clearing and settlement activities. For efficient implementation of BBPS, the NPCI serves as the BBPCU.

  • BBPOU (Bharat Bill Payment Operating Units)

The RBI (Reserve Bank of India) authorises BBPOUs to function with the BBPCU regulations. The BBPS bill pay system has several BBPOUs under it to perform in several layers. They work with multiple billers, agency networks, payment gateways, customers, and aggregators to manage bill payments. Both banking and non-banking entities are eligible to function as a BBPOU.

Other than these, banks, billers, agents, service providers, and payment gateways are also vital participants of the system.

How does BBPS Works?

Bharat Bill Payment System is a centralized system that contains all the bill details generated by utility services of India, including electricity, DTH, gas, water, telephone, insurance, and others. A payment company or a bank can plug into the system through a Bharat Bill Payment Central Unit and Bharat Bill Payment Operating Unit. Once this is done, you and your customers can view the bills and pay them. 

NPCI and Bharat Bill Payment Operating Units operate this platform, which include mobile wallets and banks. When you register online or through their mobile wallet or bank, they receive a customer ID, after which they can access and view the generated bills. Now you can simply make the payment either through credit card, debit card, net banking, or mobile wallet. Once you pay the bill, you receive instant confirmation through SMS or email.

How does BBPS Benefits Customers?

Customers can benefit in several different ways by paying bills through BBPS:

  1. Multiple payment modes, including credit cards, debit cards, cash, BHIM, UPI, or e-wallets Bill payment anytime, anywhere online, or through the agents simply by connecting to the BBPS network
  2. Single portal to pay any biller’s bill
  3. Easy accessibility from anywhere, even in regions with minimal or no banking system
  4. Availability of bill payment service centres in all locations, so you can easily find one near your house or office
  5. Easy bill payment done from any outlet, including a bank branch, customer service centre, or ATM
  6. Instant payment confirmation via email, SMS, or printed receipt
  7. Reliability and security entrusted to the users

How BBPS Benefits the Participants?

BBPS bill pay offers a myriad of benefits to the participants as well:

  1. An efficient and convenient medium for customers as well as stakeholders
  2. A standardised system to pay bills both for customers and participants
  3. Reduced chances of fraud, thanks to risk mitigation and active monitoring system
  4. Faster bill processing and quicker bill presentation
  5. Cost-saving for billers by distributing e-bills
  6. Transformation of cash bills into automatic modes, along with self-service payment modes
  7. Different value-added services provided by BBPS

Understanding the BBPS Scope

BBPS is specifically designed to make utility bill payments comfortable and convenient. The system provides excellent service to receive payments for everyday, repetitive customer activities. These include anything ranging from electricity bills and telephone bills to DTH charges and insurance premiums. The system also facilitates collecting other payments, including mutual funds, school fees, government taxes, etc., as updated by RBI. 

So, when it comes to the system’s scope, it is a wide-ranging all-inclusive system that more and more customers and billers are expected to accept over the coming years. At present, it has enabled payment collection for more than 200 billers across 22 different categories.

Are you planning to have your biller system made easy? Integrate BBPS into your app or website through FidyPay’s SDK/PWA and make a successful connection between service providers and customers. We comply with the system guidelines and regulations and offer BBPS bill pay service 24/7. We take proper care of protecting our customers’ data and use strict measures for the same. 

Please send us your query at care@fidypay.com or call us at +91 731 4986854 to avail of our services and more information.