Revolutions In The Indian Economy Cradled by the Digital Embrace

Online Bill Payment through XPay Life. You can make faster, easier and secure payment for all multi-utility bills such as Electricity, Gas, Water, Postpaid Mobile bill, Landline, Broadband, DTH Recharge become easier with XPay Life.

India, as a nation is undergoing a metamorphosis in terms of financial inclusion, embracing technologies and slowly out-growing the previous technological pastures. quick online bill payment possible through the influx of smartphones, innovative technologies and the rise in the Fintech sector has enabled the country to be remarkable efficient while supporting tech-driven processes through various regulatory policies by the government. They are also encouraging the Industrial sector to innovate and find permanent solutions to most of the citizen's concerns in terms of bill payment and financial transactions sectors.

As the financial sectors are gaining ground with the launch of the UPI( Unified Payment Interface) launched in April 2016 opened a gateway in revolutionizing the payment economy. This provided banking facilities such as payment settlement around-the-clock and with zero transaction charges on the end-users. This even streamlined gas bill online payment and added to the transactions. Even though the payment charges which are 10 paisa for the transaction below Rs 1000 and 50 paisa for transactions more than Rs 1000 are all incurred by the banks. This initiative of providing a seamless banking facility actually streamlined the economic sector. The fintech companies assisted by the strong foundation of the UPI, were built and aided in bill payments.

This UPI is termed as a revolutionary launch as it out passed the debit card transactions in the year 2018–19, according to the latest notification by NPCI( National Payment Corporation India) and RBI report. It states that there were 5.35 billion UPI based transactions and 4.41 billion debit card-based transactions. Hence utility bill payments like Sun Direct recharge Online were highly made through the online UPI modes. This has only affirmed on the rapid growth of the online digital solutions that the customers are inclined to. This provides a secure, unified, ubiquitous transaction system that has remarkably increased the efficiency and has helped in the all-round development of all the sectors including the bill payment sector, e-commerce sector, and banking sectors. These form the pillars of the financial state in India.

The other RBI initiative for providing an interoperable and feasible single platform for bill payment is the Bharat Bill Payment System. India is a country that is estimated of generating over 30.800 million bills accounting to Rs. 6223 billion that is generated by the major twenty cities in India. Hence BSNL broadband postpaid bill payment and other utility bill payments required a better payment system resulting in BBPS. The Bharat Bill Payment System is a two ledger system that consists of the central unit that is driven by NPCI. The National Corporation India is responsible for making rules, regulations and also monitor and resolve the payment settlements that is made through the BBPS. The payment channel can be through cash, UPI and other popular modes of payment.

The XIPHIAS XPay Life Pvt Ltd is a Bangalore based successful start-up that has revolutionized the bill payment sector. It is an approved agent institution and aggregator under BBPS. Hence any payment through XPay Life is highly credible and trusted. XPay.Life has expanded the bill payment sector with Mobile App, Web, Touch Screen ATP* Kiosk, PoS machine, and the Mobile Vans. If the mobile app and online web is assisting the customers in online bill payment by accepting payment through digital modes such as UPI, credit and debit cards, internet banking, mobile banking etc. The offline customers who are extremely cash dependent, are catered through the ATP kiosk, PoS machine, and Mobile Van for making apepdcl bill payment. These channels accept cash as a digital bill payment mode as the transaction is happening through the electronic modes. It also accepts payments through the debit/credit cards through the PoS machines integrated with it.

With India exposed to these kinds of innovative technologies, utility payments like vodafone postpaid bill payment are sure to have it digitally scaling on a global level. Thus making India as one of the powerful, digitally developed nation in the world.

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