RBI expands scope and coverage of Bharat Bill Payment System
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The Reserve Bank of India (RBI) has expanded the scope and coverage of Bharat Bill Payment System (BBPS) to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants, on a voluntary basis.
BBPS, as an interoperable platform for repetitive bill payments, currently covers bills of five segments —Direct to Home (DTH), Electricity, Gas, Telecom (landline, mobile post-paid, broadband) and Water.
BBPS was conceptualised to offer interoperable and accessible bill payment services to customers through a network of agents with multiple payment modes and instant confirmation of payment.
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The pilot phase of BBPS was launched on August 31, 2016 and BBPS live operations commenced from October 17, 2017.
The system offers ‘anytime anywhere’ bill payment service to customers using online payments as well as through a network of physical agent locations.
As per NPCI data, the volume of BBPS transactions almost doubled in FY21 to 154.482 crore from 77.809 crore in FY20.
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