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NPCI’s Bharat BillPay Sees 75 Per Cent Growth In March, Records Transactions Worth Rs 2,986 Crore
Bharat BillPay logo (NPCI)
The National Payments Corporation of India’s (NPCI) Bharat BillPay (BBPS) platform has recorded 31.5 million transactions worth Rs 2,986.15 crore in March 2018, registering a 75 per cent increase from 18 million transactions worth Rs 1,125.51 crore in March 2017, reported Mint. The value of transactions alone has gone up by a significant 165 per cent.
Conceptualised by the Reserve Bank of India (RBI), BBPS aims to be a one-stop payment platform for all bills including electricity, telecommunications, gas, water, and television services. The NPCI has certified 71 Bharat Bill Payment Operating Units (BBPOU) with 75 billers already on board and another 21 coming soon.
NPCI is currently seeking approval from the RBI to add more categories of recurring payments to the BBPS ecosystem such as mutual fund payments, equated monthly instalments (EMIs), and fee payments.
BBPS started as a pilot in August 2016 before receiving RBI approval in July 2017.
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