With the increase in e-commerce sites in India, people also like to buy products online and pay for them online only through debit cards, credit cards, netbanking and some platforms. Under the retail payment transactions, bill payments like electricity, water, phone bills, etc. also form a major component.
With a need of bill payments system, various organizations decided to provide a single platform to make all these payments. So an integrated bill payment system called Bharat Bill Payment System (BBPS) was proposed for which the policy guidelines were issued by the Reserve Bank of India on November 28, 2014.
With a need of bill payments system, various organizations decided to provide a single platform to make all these payments. So an integrated bill payment system called Bharat Bill Payment System (BBPS) was proposed for which the policy guidelines were issued by the Reserve Bank of India on November 28, 2014.
National Payment Corporation of India (NPCI) had been identified to act as Bharat Bill Payment Central Unit (BBPCU) which will be a single authorized entity for operating the BBPS. The BBPCU will set necessary operational, technical and business standards for the entire system and its participants, and also undertake clearing and settlement activities. It will work only as a medium to connect multiple billers and agents through various Operating Units.
BBPS will operate on entities called Bharat Bill Payments Operating Unit (BBPOU). BBPOU will be authorised operational entities, which can fulfill the standards set by the BBPCU for facilitating bill payments online as well as through a network of agents, on the ground. Banks and non-bank entities presently engaged in any of the above bill payment activities falling under the scope of BBPS can apply for approval from RBI under the Payment and Settlement Systems (PSS) Act 2007.
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