Bill Payment Revoltion In India
India is a cash-dominant country that revolves all the financial transactions through cash where the banks had a prominent part to play with frequent withdrawals and more business. The bank sector flourished.
Then in the 1980-1990, the digital payment mode started to replace the traditional cash flow. The introduction of Electronic clearing service and electronic funds transfer created a wave in the cash dependent society. The banks flourished even more with the issuance of bank customized debit and credit cards which was used to pay water bills.
In the coming years, the card system was rampant and ATMs were mandatory for the immediate cash withdrawal. In the years of 2000-2005 a new secure fund settlements were introduces called as Real Time Gross Settlement(RTGS) and net banking became prevalent with the internet influx into the society giving rise to the National Electronic Funds Transfer(NEFT) system. Before which the Postpaid Mobile Bill Payment was supposd to be done at operator centres.
Then with the Payment and Settlement Systems act In the year 2006 that led to the launch of the AADHAAR- it is an unique biometric identification programme that was aimed to provide a unique common identification to every citizen of India.
The by the year 2010 the IMPS was launched which is immediate payment service through which online payments became rampant and apepdcl online bill payment was easily done through the mobile and internet banking.
By the year 2011-14 saw the myriad of change in the way citizens accept the cash payments and hence there was a launch of RuPay card payment scheme which was the implementation of NACH(National Automated Clearing House)
The digital payment service was now to reach the rural India as the untapped percentage was a humongous 80% and in an attempt to solve this , the government started the *99# service launch to explode the banking services in the ignored rural AREAS.
The Introduction of AEPS( Assdhaar Enabled Payment System) was brought into consideration.
Next was the demonization phase that Prime Minister Narendra Modi declared impacted the circulation of the cash to minimum while black money well secured with the bighats of the town only had to lose the useless cash. Then there was a revolution in the how the financial transactions were perceived. The mobile payment service providers fled into the market with innovative technologies supported by the Government regulatory policies.
Reliance big tv recharge online could now be done at the comfort of their homes without having to worry about disconnection.
The transactions related tp IMPS, PPI(pre-pais instrument) and debit card exhibited the exponential growth in triple digits.
The BharatQR was introduced and government owned BHIM (Bharat Interface for Money) was launched and soon the other private mobile payment service providers started competing this.
The prominent shift to the digital payment was catalyzed by the demonetization scenario and people felt acquinted with the digital payment modes through mobile. The utility bill payment required urgent attention and apps started gaining popularity by solving the country’s essential problem of cash crunches by converting it into the fluid money. online landline bill payment was done on a portal or application now.
The government regulations also aided in the growth of the digital acceptance in the country. XPay.Life is one such private digital growth accelerator with a braoder vision towards the “Digital India” mission. It has given a one-stop solution for multi-utility bill payment by tapping the furious market targeted on the 20% urbanites through it’s website www.xpay.life and by provind XPay Life application and also providing Bill payment kiosks that accept cash which is XPay.Life’s USP. Gas bill online can be completed even in rural areas as through kiosk and POS machines and mobile vans, XPayLife is helping in completing the digital gap between the urban and rural India.