Bill payment is a major component of the retail payment transactions in India, and is characterized by the presence of large number of billers, who provide a variety of payment options to their customers.
In addition, the present bill payment infrastructure in India is largely biller-specific in terms of modes of payment accepted and channels supported, and is still to support an 'anytime, anywhere' payment option to customers. Various organisations have aggregated various billers to provide a single platform to make all these payments.
Bharat Bill Payment System (BBPS) is an integrated bill payment system in the country that offers interoperable and accessible bill payment services to customers through a network of agents, allows multiple payment modes and provides instant confirmation of payments.
National Payments Corporation of India (NPCI) will function as the authorized 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, will also undertake clearing and settlement activities related to transactions routed through BBPS. Existing bill aggregators and banks are working to provide an inter operable 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.
NPCI has taken our Bank as BBPOU for pilot of Bharat Bill Payment System. Our Bank has successfully implemented Bharat Bill Payment Service on branch platform.