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.
The secure online bill payment has been one of the major concerns in the country with varied technologies penetrating the daily lives of the customers. With the high propulsion towards the digital modes of payment, the customers are also exposed to security hazards such as unauthorized transactions, identity theft, and cybercrime and so on. Hence the regulatory sandbox introduced by the regulators like RBI, SEBI(Securities and Exchange Board Of India), IRDAI(Insurance Regulatory and Authority Of India). According to the inter-regulatory working group of the RBI, that was formed for inspecting and to report any new aspects in the Fintech sector and its implication.
The regulatory sandbox was formed with an intention to provide regulatory frameworks for providing a conducive environment for the fintech companies, their innovations to test their services and products in a controlled environment/regulated environment and decide on the best mobile payment app. This provides a conducive environment for the innovators, fintech companies and customers to be a part of the field testing and proof the benefits, advantages, and loopholes in the service. Thus providing an important framework to decide on the requirements of the innovative products.
This is one of many regulations offered by the Government to improve the digital adaption in India. The other catalysts for the immense adaption of the technology are the BharatNet project, Digital India, Aadhhar, GST, Smart Cities Mission, Rurban mission, UPI, StartUp India are all a part of the PAN India digitization. According to the Bharat Net project, a mission to provide 25,000-gram panchayats with high-speed internet service hence aid in the digital inclusion of rural India facilitating Airtel Broadband Bill Payment Online. According to the report Digital India- Technology To Transform a Connection Nation, the internet user will increase by 40 % by 2023 and simultaneously there will be thrust in the doubling of the smartphone users as well.
By the above statistics, and another report “Digital payments 2020”, it is stated that there will be a 500$ inflow through the digital payments in India and 40% of it will be the merchant payment as well. The adoption of the digital modes of payment by the merchants has increased 10 times within a short span of time. This was reported by “Fintech In India-Powering Mobile Payments”. Also, the CAGR( Compounded Annual Growth rate) in the digital payments is increasing at the rate of 12.7% annually and hence India is witnessing a magnanimous shift towards the digital payments through Landline Bill Payment Online. The frequency of onboarding also depends upon the security compliances like Biometrics, tokenization, IoT, cloud and Artificial intelligence.
With all these technologies, the government is providing access to the customer transaction data to the payment service providers. This is aiding in forming customized discounts, offers and more for the customers that are helping the customers to make decided transactions. This is increasing the sales of the merchants through the digital payments for whom the ratio was far less through the traditional cash payments.Hence aiding the customers to Pay Electricity Bill Online and Offline and have transaction data. Another advantage of the GST compliance for the merchants is that by providing proper data transactions they are source the low-interest credit that includes working capital loans, short term loans, and long term loans within one single minute of the loan application.
To aid in the merchant adoption in India, XPay.Life is providing PoS machines that facilitate bill payment by accepting cash a digital mode of payment along with accepting credit/debit card payments. Hence for the merchants, in the brick and mortar stores, PoS machines are a no-risk, one-time investment. This adds to gain extra income by facilitating the bill payment in the remote villages and makes the transaction digital. Even Mobile Van and ATP kiosks, an innovation from the XPay.Life provides bill payment for the customers who are still dependant on the cash payments while making tata sky recharge.
1597