The New Innovations That Are Revolutionizing Bill Payment Sector-2020

With the onset of the new year, there are new hopes, resolutions, and a steady decline of the commitment towards the resolutions. At the same time, there is an upright increase in the demand for new innovations. The smartphone invasion to the daily lives has changed the financial structure of the country. To pay water bill is now an easy thing, a swipe, a tap, and a few clicks. The bill payment is done, but what remains to be of high customer engagement, is the trust and credibility related to the brand. Hence most of the service providers are making it provide reliable service to the customers. The same is true for all kinds of financial and e-commerce transactions.

UPI and Mobile Apps

Let us concentrate on the innovations related to the smartphone. 

Ever since the demonetization act that was forced on the economy resulted in many unwelcomed scenarios, but the attempt to curb corruption was still questioned. But it was indeed a strong catalyst for the digital shift of the country. By keeping every transaction in the digital mode offered the government to monitor any failed and fraud transactions. Also provided Easy bill payment Online. This will help the Indian citizens to have a stronger hold on where the income is generated and spent. This also helps to keep records of any illegal activities that might happen.

Government Initiative- UPI and BBPS

After offering the UPI as a digital catalyst to the economy, the citizens were introduced to the powerful, ubiquitous banking system. In this system, all the banks were under the same umbrella and the technology was so strong that it provided a Unified Payment Interface for all the financial transactions. The mobile service providers like Paytm, Googlepay and XPay Life started gaining ground by providing the best, secure bill payment services built on the UPI and provides Electricity bill payment offers. As an adage to the innovation, The other government initiative which is NPCI driven known as BBPS has acquired all the billers, the customers, banks, agent institutions and the aggregators in one platform. Hence bill payment sector was streamlined.

Mobile Applications and Web

Even though the online payment system is not new to 2020, the security concerns over the stored customer data were gaining the concern while paying through Gas bill payment android ios app. Hence to validate security, mobile apps were posed to many governments regulatory such as cyber hygiene. Hence the blockchain technology which has the highest potential to make a secure payment gateway was imbibed. In India, only XPay Life is offering the blockchain built secure bill payment service to its customers. The user-friendly application and the website are built on future technology thus providing the required secure platform.

Bill Payment Kiosk and Mobile Van

These are the innovations in the bill payment sector that is revolutionizing the process of the payment system. even though smartphones have influx society with its useful features of ubiquity, time-saving and secure payment platform. India is a country of cash domination. Hence most people are still dependent on the cash transactions. In an attempt to make the cash transactions digital, XPay Life has innovated robust infrastructures called as the ATP(Any-Time-payment) Kiosk and Mobile Vans. The ATP kiosk is integrated with the cash acceptor for accepting cash and PoS machine that accepts Broadband postpaid bill payment through the credit/debit cards.

The Mobile Van is reaching the remotest villages to facilitate Landline Postpaid Bill Payment and make the digital transactions possible through the innovation.

For those people, who most of the time stay at home, and also do not have much interest in the online services, television is the most favorite entertainment medium for them. Taking this interest of people into account, XPay.Life renders the service of DTH recharge through which the recharge can be done effortlessly in a jiffy.