The Bharat bill payment system is developed by the Reserve bank of India and the National Payments Corporation of India. This one-stop bill payment promotes the goal of anywhere and anytime bill payment. It is also the best destination for all recurring payments. It is an all-in-one bill payment system for all your bills with features such as interoperability. The BBPS has employed several modes of bill collection including electricity, telecom, DTH, gas, water bills, etc. The Bharat bill payment interface can be used to pay recurring payments such as insurance premiums, mutual funds, school fees, institution fees, credit cards, housing society payments, etc. As the interface has an option for almost everything, it is one of the simplest modes of payment.
How to use BBPS?
Making a bill payment on the Bharat bill payment system is simple
- Step 1: First link your mobile to any internet banking gateway or app of your respective bank or visit a bank or retail shop.
- Step 2: Open the BBPS tab in the respective app
- Step 3: Now you have to choose the type of bill or the biller and feed the details of the bill
- Step 4: After you initiate the payment, confirmation has to be given, and get a message.
The ease of use makes Bharat bill pay system a simple mode of bill payment.
Noteworthy features of BBPS
The BBPS online payment service provides plenty of features to increase efficiency and make bill payments as simple as ABC for people. Let us take a look at some of the noteworthy features of the BBPS system.
Interoperable: The BBPS interface connects the banks and the non-bank system in the business for aggregation of the bill. It also pulls together billers, service providers of payment, and retail bill outlets.
Accessible: It provides a bill payment option through any channel no matter whether it is digital and physical.
Complaint management: The standardized system to address the grievances of the customer for both ON-US and OFF-US transactions makes it most favorable for customers.
Clearing and settlement: It provides multiple clearing and guaranteed settlements between plenty of parties.
Benefits of Bharat bill payment system
· Various payment channels: The customers make a transaction through various payment channels such as Internet Banking, Mobile-Banking, m-wallets, ATM, and agents.
· Different modes of payment: The Bharat bill payment platform gives endless modes to process payment of a bill. Some of the common modes of payment available are Credit, Debit, and Prepaid cards, NEFT, Internet banking, UPI, Wallets, Aadhar enabled payments system, and cash.
· The processing of bill payment is cost-effective
· Connects banks and non-banks through interoperability of the BBPS
· The Bharat bill pay online is simple and safe to use
· Owns a Standardized dispute management system
· Payment can be done either on physical or digital channels.
· Faster settlement of payments is possible.
FINACUS BBPS SOLUTION
Fincaus offers one of the BBPS software solutions that adhere to the standards set by NPCI. It encompasses an app for customer touchpoints set up and handling bill payment through various delivery channels. The delivery channels include self-service, Agent assisted electronic and offline modes. It offers a platform for you to pay various utility bills such as electricity, water, gas, telephone and direct-to-home (DTH) television service, etc.
BBPS service will leverage your market presence. For the same, give a call to Finacus and get a demo of BBPS.