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.
Instead of using multiple apps or logging in to different websites or even travelling to various collection points, the brand empowers and promises a one-stop destination for payment of all utility bills. Consumers save cost and time instead of travelling to different places or visiting various websites.A R Ramesh, Chief Project Officer, BBPS
BBPS started as a pilot in August 2016 before receiving RBI approval in July 2017.
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