Bharat Bill Payment System

Various payment methods such as UPI, internet banking, and prepaid payment instruments (PPIs) can be used to pay bills

As an agent institution of BBPS, the company processed over Rs 15,000 crore in bill payments across banks in July

While there has been a delay in credit card issuers going live on the BBPS platform, the disruption among customers has not been widespread because users have multiple options to settle their dues

Payments industry hoping for an extension of the deadline

Euronet processed around 19 million consumer bill payments in March, marking a significant increase from 4.6 million in January, driven by the agreement with Paytm

The Reserve Bank on Thursday issued revised norms to streamline the process of bill payments, enable greater participation, and enhance customer protection. The central bank has issued the revised 'Reserve Bank of India (Bharat Bill Payment System) Directions, 2024' as it felt there was a need to update the existing regulations in view of significant developments in the payments landscape. "These directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes," RBI said. These directions will be applicable from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants. Bharat Bill Payment System (BBPS) is an integrated bill payment platform which enables payment or collection of bills through multiple channels using various payment modes, like UPI, internet banking, cards, cash, and prepaid payment instruments. The channels include mobile apps, mobile banking, ...

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange, a statement said on Wednesday. This initiative signifies a milestone for Canara Bank as the first public sector bank in India to offer inbound cross-border bill payments through BBPS, it added. With the development, it said, Indians living in Oman will now be able to make quick, simple and secure payments of bills for services back home. Musandam Exchange, managed by Canara Bank, is also the first exchange house in Oman to go live on cross-border inbound bill payments, the statement said. The cross-border bill payment service is already live in Kuwait, facilitating inbound remittances across utilities like electricity, water, mobile phone, gas, credit card bills, and ..

Recently secured shareholder approval to approval RBI; has database of 100 mn users

At present, IRCTC already has I-PAY, its in-house payment gateway

NPCI's directive comes days after a discussion paper was released by the Reserve Bank of India (RBI) related to such charges

More than 80 million transactions are processed on the payments platform on a monthly basis

Bharat Bill Payment System (BBPS), under the aegis of the RBI, allows recurring utility bill payments through an integrated platform

The reduction in net-worth requirements follows an announcement regarding the same by the central bank in April

This is the third time that Vijay Shekhar Sharma-promoted Paytm Payments Bank (PPBL) is facing action from the banking regulator since its inception in May 2017

Prior to joining NPCI, Chaturvedi was country head at PayU and chief-corporate business alliances at Airtel Payments Bank

The coronavirus (Covid-19) pandemic has resulted in massive adoption of UPI in the offline and online segments

"Vakrangee can now directly handle payment and aggregation of payment services relating to bills under the scope of BBPS (Bharat Bill Payment System)," the company said

The detailed instructions in this regard will be issued by the end of September 2019

National Payments Corporation of India has delivered a unified platform called BBPS, which aggregates multiple billers onto a single platform

It will make the process seamless, as you will not have to log on to individual websites