NPCI dispatches Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs), where it will cover dreary installments for utility administrations, for example, power, water, gas, phone and Direct-to-Home (DTH)
Mumbai: National Payments Corporation of India (NPCI), the umbrella association for all retail installments framework in India propelled the pilot venture for Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs).
In the main stage, BBPS will cover dreary installments for regular utility administrations, for example, power, water, gas, phone and Direct-to-Home (DTH).
A P Hota, MD and CEO, NPCI said, "BBPS, at the appointed time of time would connect all real billers in the nation with every one of their customers which will improve charge presentment and bill installments electronically. Right now the volume of bills being paid with money is large to the point that regardless of the possibility that 25 percent of the bills get paid electronically, effect would be unmistakably huge."
BBPS is the Reserve Bank of India (RBI) ordered framework which will give interoperable bill installment administrations to clients. It is a coordinated stage interfacing banks and non-bank substances in bill collection professional billers, installment administration suppliers, retail charge outlets and so forth.
As on date 62 substances have gotten on a basic level endorsement from RBI to work as Operating Units (OU), out of which 52 are Banking elements and 10 are Non-Banking elements.
NPCI capacities as the approved Bharat Bill Payment Central Unit (BBPCU) which will attempt clearing and settlement exercises identified with exchanges steered through BBPS.
The RBI approved BBPOUs will on-board billers, aggregators and installment portals. They would likewise set up specialist system and client touch focuses to handle charge installments through various conveyance channels including self-administration, helped, electronic and manual modes.
The banks that have taken an interest in the pilot venture incorporates AP Mahesh Co-agent Urban Bank, Axis Bank, Gopinath Patil Parsik Janata Sahakari Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab and Maharashtra Co-agent Bank, Punjab National Bank, RBL Bank, State Bank of India, The Saraswat Co-Op Bank, TJSB Sahakari Bank and YES Bank.
Among the other non-banks incorporate Avenues India Pvt. Ltd, Common Service Center, Euronet Services India Pvt. Ltd, IndiaIdeas.com (Billdesk), ITZ Cash Card Ltd, One97 Communications Ltd (Paytm), Oxigen Services India Pvt. Ltd, PayU Payments Pvt. Ltd, Spice Digital Ltd and TechProcess Payment Services Ltd.