What is Bharat Bill Payment System (BBPS)?

About Bharat Bill Payment System (BBPS):

• It is a payment channel system conceptualized by the RBI and driven by the National Payments Corporation of India (NPCI).
• It is a one-stop payment platform for all bills providing an interoperable and accessible “Anytime Anywhere” bill payment service to all customers across India with certainty, reliability and safety of transactions.
• The system will provide multiple payment modes and instant confirmation of receipt of payment.
• It is an integrated platform connecting banks and non-banks in bill aggregation business, billers, payment service providers and retail bill outlets.
• It offers customers the convenience of payment by cataloguing various utility providers on one platform.
• BBPS offers bill collection categories like electricity, telecom, Mobile Postpaid, DTH, gas, water bills etc. through a single window.
  • Other types of payments, like school/university fees, municipal taxes/ payments, mutual funds and insurance premiums, various government taxes, etc. as decided from time to time by the RBI will be incorporated in BBPS.
• Different Payment Channels:
  • Customers can make payments via physical payment collection outlets (bank branches, agent collection stores etc.) and digital channels (apps, websites etc.) across India.
  • It provides instant confirmation of payment via an SMS or receipt.