What is BBPS?
Bharat Bill Payment System (BBPS) is RBI vital system that provides an integrated, interoperable invoice payment service to customers from all regions, with transaction certainty, reliability and security.
Customer can pay bills for utilities (gas, electricity, water, DTH) and telecommunications at their nearby OASYS PAY outlet.
Through an agent network or online, it enables multiple payment modes, and provides instant confirmation via BBPS web, BBPS app, SMS or receipt. It’s promoting a cashless society by shifting cash bill payments to electronic channels.
Benefits to customer:
- Interoperability: BBPS is an integrated online bill payment business platform that connects bank and non-bank entities at bill aggregation.
- Accessible: Facilitates continuous payment of invoices through any channel like BC / Agent branch / bank branch / representative contacts.
- Incorporation: BBPOU (Bharat Bill Payment Operating Unit), i.e. Banks / Non-Banks, should be associated only to BBPCU (Central Payment Unit of Bharat) and NPCI (National Payments Corporation of India).The billers need to connect
to a single BBPOU for all customer’s bills payment need.
- Compensation and Settlement: Use standardized rules/guidelines to make number of liquidation and guaranteed settlements between different parties.
- Complaint Management: BBPS will introduce a standardized complaint management system to handle customer bill payment complaints.
- Pay bills anywhere, anytime by simply connecting to the BBPS network, online or through agents.
- Bank branches, ATMs, customer service centers, etc., could be the point of sale of BBPS where customer could make the payment of their bills.
- Far and wide accessibility, including the zero or minimum banking region.
- Earn highest commission in every BBPS transaction.
- One stop solution for payment of any invoice.
- Service centers for bill payment will be available at the near to customer’s workplace or residence.