Bharat Bill Payment – A Secure and Simple Mode of Payment

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.

Bottom line

BBPS service will leverage your market presence. For the same, give a call to Finacus and get a demo of BBPS. 

Bharat Bill Payment – One Stop Solutions for All Bill Payments

The wallet revolution bought a revolution for the users who pay their DTH, mobile, and internet bills with a mobile wallet. The reserve bank of India in an attempt to do the same for utility bills launched a new platform. According to the reserve bank of India Rs, 6223 billion is generated in bill payment from about 20 major cities with 70 percent of the same was in cash. To make this payment hassle-free and channelized, the national payments corporation of India launched the Bharat bill payment system. Let us take a look at what it is and how it has transformed the utility payments in India.

Bharat Bill Payment System

What is Bharat bill payment?

The Bharat bill payment system is a conceptualized system by the reserve bank of India and driven by the national payments corporation of India. It is a one-stop platform that allows payment for all bills by providing interoperable and accessible bill payment services. It has become popular with the anytime anywhere payment of a bill for the customers all over India with certainty, reliability, and safe transactions.

 How is it different from mobile wallets?

The popular providers such as PayTm offer utility bill payment services, the services they provide is restricted to the tier 1 and tier 2 cities. The BBPS service on the other hand is a national phenomenon. Even a person in a rural area can pay their bills through this all-in-one ecosystem. It also provides payment through ATMs, MPOS machines, business correspondents, and agents which allows full integration of this service even in the remotest area.

What are the charges?

The NPCI doesn’t specify any charges for the services provided by BBPS whilst the banks may charge some fee in order to make it viable. The wallets are luring the customers by providing various discounts but the whole platform is pivoted to the banks starting a convenience charge.

How to make payment using BBPS

Making a bill payment is an easy job if you do the following steps perfectly

  • Step 1: Connect your number to any internet banking or app of your respective bank or visit a bank or retail shop.
  • Step 2: in the respective app click on the BBPS tab
  • Step 3: you have to now choose the biller and enter the details of the bill
  • Step 4: You have to initiate the payment and get the confirmation for payment.

Key features of BBPS

The BBPS online payment service offers various features to improve efficiency and make bill payments a cakewalk for people. Let us take a look at some of the noteworthy features.

Interoperable: The platform connects the banks and the non-bank system in the business of bill aggregation. It also brings together billers, payment service providers, and retail bill outlets.

Accessible: It facilitates bill payment through any channel no matter whether it is digital and physical.

Complaint management: It has a standardized system to handle the grievances of the customer for both ON-US and OFF-US transactions

Clearing and settlement: It offers multiple clearing and guaranteed settlements between various parties.

Benefits of BBPS

  • Convenient and reliable service with a high level of Trust and Security
  • Transparent pricing with instant payment confirmation
  • Unified Grievance Handling
  • Rules are standard

Bottom line

Gone are the days where you can pay only one bill at a time with the Bharat bill pay online system. You can get a lot of benefits from this method. If you want to have trouble-free bill payment, you can go for the BBPS ecosystem.