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NPCI initiates pilot project for Bharat Bill Payment System

NPCI initiates pilot project for Bharat Bill Payment System

India Blooms News Service | 01 Sep 2016, 01:43 am
Mumbai, Aug 31 (IBNS): National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India, launched the pilot project for Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs).

In the first phase, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH).

A P Hota, MD & CEO, NPCI said, "BBPS, in due course of time would link all major billers in the country with all their consumers which will simplify bill presentment and bill payments electronically. Currently the volume of bills being paid by cash is so large that even if 25 percent of the bills get paid electronically, impact would be visibly enormous."

BBPS is the Reserve Bank of India (RBI) mandated system which will provide interoperable bill payment services to customers. It is an integrated platform connecting banks and non-bank entities in bill aggregation business like billers, payment service providers, retail bill outlets etc.

As on date 62 entities have received in-principle approval from RBI to function as Operating Units (OU), out of which 52 are Banking entities and 10 are Non-Banking entities.

NPCI functions as the authorised Bharat Bill Payment Central Unit (BBPCU) which will undertake clearing and settlement activities related to transactions routed through BBPS.

The RBI authorised BBPOUs will on-board billers, aggregators and payment gateways.

They would also set up agent network and customer touch points to handle bill payments through different delivery channels including self-service, assisted, electronic and manual modes.  

NPCI initiates pilot project for Bharat Bill Payment System

India Blooms News Service
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