What Are The Benefits Of BBPS for Indian Customers

Bharat Bill Payment System is owned by RBI( reserve bank Of India) for bill payment and settlement that provides an integrated, interoperable, easily accessible platform for its customers from across geographies for the secure, immediate payment. But what has this process got in store for India and how is the conceptualization of the BBPS rendered difference in the quick online bill payment system.

 A few years ago, the bill payment sector was a single fragmented sector with customers doing the bill payment by standing in long queues and biller counters were always chaos. Quick payment and ubiquity was the need of the hour once demonetization wave hit the country. There was only 14% of the physical cash circulating in the country and the bill payment sector was affected the most as people were highly dependant on cash for Water bill payment. 

This instigated an enormous need for creating a bill payment system that is ubiquitous, secure and a single platform connected to the banks, billers and agent institutions. hence RBI conceptualized a two-tier structure called BBPS. There are two units in BBPS, a BBPCU( Bharat Bill Payment Central Unit) and three smaller operating units called BBPOUs, the customer end engaging unit called BBPOU customer and BBPOU biller acquiring unit that is enlisting all the billers from categories. For eg, Idea is a biller acquired by BBPOU hence idea broadband postpaid bill payment is made easy, quick and efficient by BBPS.

The online bill payment has gained momentum in the past few years through government initiatives such as BBPS, UPI payments etc. The whole system participants consist of the customers, the billers and in between, the banks connected to the BBPCU, agent institutions that are related to RBI approved utility bill payment sectors like Electricity, water, DTH, telecom, Gas. uttarakhand power bill payment can now be done easily and securely through online and digital modes of payment.

Benefits for the Customers from BBPS

1)There is control of payment through a single unified platform

2)Accessibility to the different payment channels including app, web, which are online modes and offline digital outlets for making utility bill payments like dish tv recharge.

3)The BBPS also provides convenience, time-saving, uniform payment experience through all the utilities and many service providers are integrated with BBPS. One of which is XIPHIAS XPay Life Pvt Ltd.

The company is a bill payment service provider offering a gamut of bill payment services through the app, web( for online modes)www.xpay.life and digital outlets like ATP bill payment kiosk that accepts cash as a bill payment made and makes the process digital. POS machines are yet another digital outlet facilitated by XPay Life. Mobile Vans are mainly innovated for the bill collection in the rural areas that are under-tapped with internet and smartphone connection. The Mobile Vans are equipped with the bill payment kiosk, a vending machine that dispenses free condoms and sanitary pads after each transaction. Also equipped with mini-ATMs, the Mobile Vans are bringing ATMs to the villages where cash withdrawal requires traveling hours to the banks.

This is called an agent institution and an aggregator providing the best services in the industry including the rural mass into the digital realm. Hence this institution has got approval and interest from the RBI owned BBPS and NPCI by providing high-security standards.

4)Transparent pricing with immediate payment confirmation is the important factor that is highly encouraging customers to the digital shift. They are backed up with the lucrative offers and discounts provided by the Online mobile service providers like Gas Bill Payment offers which are also helping in more customer onboarding.

Hence the customers are at the benefit by the BBPS and best service providers.