As many competitive exams as well as banking exam is scheduled for the upcoming days we are here with the details which all you need to know about Bharat Bill Payment System (BBPS)
The term BBPS (Bharat Bill Payment System) originated in 2013 when the Committee under the chairmanship of RBI Executive Director G. Padmanabhan was set up to study the feasibility of implementation of Giro (payment transfer from one bank account to another bank account) in India. Bill payments form a major component of India’s retail transactions constituting over Rs. 6223 billion each year merely in top 20 cities of the country and over 70% of these transactions were routed through cash or by cheque.
Salient Features of BBPS :
Complaint Management System
BBPS will put in place, an end to end standardized system for complaint management of both online and offline transactions. Two types of complaint may be lodged in by the customers- transaction based and service based.
Dispute Management System
There will be Dispute Management System in BBPS for raising and resolving disputes relating to transactions.
Standardized Process for entire System
BBPS will provide standardized processes for the entire system involving banks, non-banks, sponsors, agents, customers etc.
Integrated and Interoperable System
All the participants such as banks and non-banks, Billers, payment service providers, retail bill outlets will be integrated through a single platform with National Payments Corporation of India (NPCI) as authorized Bharat Bill Payment Central Unit (BBPCU). NPCI will set-up business standards, rules and procedures, business requirements and provide technical assistance to all the participants. NPCI, as the BBPCU, will also undertake clearing and settlement activities.
Mode of Bill Payment under BBPS
Online Mode using different modes of payment viz. Cash, Credit Cards, Debit Cards, IMPS, Net-Banking, NEFT, Wallets etc.
Offline Mode with the help of network of agents.
BBPS will also provide different payment channels (Internet, Mobile, POS, MPOS, KOISK, ATM, Business Correspondents, Bank Branch and Agents) and payment options (full, minimum, excess, part, penalty, multiple etc.) to the customers
Benefits
Integrated platform
Timely and guaranteed settlements between parties
Dispute Management and Complaint Management System
Faster settlements will improve liquidity position of Billers
Convenient and Time Saving System
Reliable and transparent transactions
Instant Payment Confirmation
Enhancement of Customer’s confidence and experience
Multiple Payment Modes, Options and Channels
Anytime Anywhere Payment option to customers
Migration of Bill Payment from cash to electronic channel leading to cashless society.