For now, the anywhere, anytime bill payment facility is available only to a part of Indians who access net banking services, but it is limited to only some utilities. Soon, all citizens will be enjoying the facility for all the utilities with the Bharat Bill Payment System (BBPS).
On Friday, the Reserve Bank of India (RBI) summarized the final guidelines for the Bharat Bill Payment System. It envisages a central entity setting rules and standards and a host of registered service providers to aggregate biller information that will ease the process of anywhere and anytime bill payment
In simpler words, a user can collect all the bills including water supply, electricity, telephone, insurance and others and pay them all through a single window. Interesting isn’t it? Well, this will be made possible by developing a network of agents that will enable multiple payment modes and provide instant confirmation of the payment.
Bharat Bill Payment System will also involve the existing players in the e-commerce business to cater to the requirements of bill payments and to aggregate the payment services related to the bill payments.
To help Bharat Bill Payment System, the RBI will provide recognition to a central entity, Bharat Bill Payment Central Unit (BBPCU) and this will frame the standards that are related to operations, technical front and business related activities for the system as well its users. This central unit will also take charge of clearing and settlement activities.
Banks will be operating as Bharat Bill Payment Operating Units (BBPOU) and they will be the authorized operational units. They will be working according to the BBPCU set standards. Apart from banks, firms that function as bill payment aggregators right now can also volunteer to take part in the bill payment system.
In an official statement, RBI announced that this layered structure will be strengthened via an effective agent network controlled by BBPOUs. The Bharat Bill Payment System can also operate multiple BBPOUs under it.
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