What Has Changed In the Bill Payment Sector in the Last 5 Years

The last five years have been on a driven change in all the sectors in India, especially the transformation in the bill payment sector while paying Gas bill online has led to streamline and change the whole payment, e-commerce, banking facility in India. The financial spectrum has undergone a massive change with respect to the technology, and how it is perceived today. Thanks to the many government regulatory, technological advancements and the smartphone influx that changed the bill payment sector all around India.

The bill payment process has sure changed a lot, especially when you are from the millennial, then you would know the exact changes. The queues are cleared now, more than ever while paying Broadband bill online. The scorching sun, slow-paced queues, the elbowing of fellow bill payers, a whole drama of bill payment is highly eliminated. The online need was more insisted by government initiatives like demonetization that was to uproot terrorism and corruption. But in-turn it sought out the best ways for bill payment.

What Exactly Happened?

On Nov 6th, 2014, Honorable Prime Minister Narendra Modi announced the Demonetization on high currency notes such as Rs 500 and Rs 1000 notes of the Mahatma Gandhi Series. This was stated to be an act against corruption and intensify the adoption of the digital modes of payment. 

Hence the country saw a massive change in the acceptance of the alternate modes of payment that seemed a bit off-traditional. It was because the circulation of the hard cash was banned through the high-value currency notes. The GDP decreased, the economy saw an all-time low financial status, this brought about a wave of innovations that hit the market while changing the transactional process while paying the Easy Postpaid Mobile payment.

Hence there were several mobile payment service providers that entered the arena with robust, feasible infrastructure and technologies that aid the bill payment process. Even though the shopping at a brick and mortar store was really hard with no hard cash in circulation. There is a bounty of advantages going online. E-commerce sites such as the Flipkart and snapdeal saw most of the profit with people choosing the online methods for shopping and other payments. Then the bill payment in one sector that requires timely payment irrespective of the country’s condition. It is simple and important. People started gaining refugees under the bill payment service providers to pay Digital TV Recharge Online that led them to pay bills instantly. With access to their smartphones, and the credit/debit cards. things were getting stable now.

But what came next was the merchant acceptance and the visuals of the encrypted QR codes in front of every brick and mortar store turning all the transactions digital. Hence the UPI modes of payment started gaining acceptance and popularity as the transaction was secure, interoperable, with all banks under the same roof and standardization of the payment system. If this could streamline the merchant-customer base, there was another government initiative. It is called Bharat Billpay which started bringing all the service providers, customers, and the banks under one umbrella. This aided the bill payment sector where payment of landline bill payment android could be made from any part of India. Through the online modes, the requirement of traveling and waiting has diminished. Hence being one of the advantages of the demonetization act.

XIPHIAS XPay Life Pvt Ltd is one such start-up that envisaged the digital India concept from many years ago and demonetization helped the start-up to leverage their innovations to the world. The company is providing a full spectrum of bill payment services through the Mobile Apps, Web, Mobile Van, ATP(Any-Time-Payment) Kiosk, and PoS machines. Experience online water bill payment using XPay Life with discounts upto Rs 200 on bill payment.