Bharat Bill Pay is another popular inclusion of NPCI, an automated bill payment portal for automatically retrieving bills from consumers. The consumers can automate their regular bill payments by enabling the BBPS API you have integrated into your business platform.
If you want to start a FinTech business and offer bill payment solutions to your customers, BBPS API is of utmost importance. But what is it? And how is Bharat Bill Payment System helping promote seamless transactions? Here’s an article with deep insights into the technology.
What is the Bharat Bill Payment System?
Bharat Bill Payment System (BBPS), integrated into your business platform, is an RBI-conceptualised system, a one-stop ecosystem for bill payments, making it accessible and interoperable at all times. Bill payment services can now be made available digitally for customers from different parts of India without the need to stand in long queues.
It comes with various payment models and offers instant confirmation of payments through email or SMS. Most of the top utility service providers are linked to the BBPS platform. As a result, you will be able to pay electricity, gas, DTH, telecom, water and other such bills. Not just that, but if you have some recurring payments such as mutual fund investments, insurance premiums, school/college fees, fast tag recharge, local taxes and others.
Varying Payment Modes and Channels Associated With BBPS
Upon integrating BBPS API onto your FinTech business platform, you can draw immense traffic. You will be integrating several payment channels for consumers, such as mobile banking, Kiosks, internet banking, mobile wallets, business correspondents, bank branches and others.
Moreover, Bharat Bill Pay offers several payment modes for consumers to process successful bill transactions. The payment modes include UPI, NEFT Internet Banking, Debit/Credit Cards, Aadhar-Based Payments, and Cash.
Features of Bharat Bill Payment Systems For Ensuring Seamless Transactions
Here are some of the key features of BBPS that make it a thriving digital payments solution by NPCI:
- Interoperability
BBPS is the integrated ecosystem which helps in connecting both non-banks and banks, such as payment service providers, retail billing outlets, billers, and others.
- Accessibility
BBPS facilitates seamless bill payments through both physical and digital channels. Even if you aren’t comfortable making online bill payments through BBPS API, there are offline setups to process the same.
- Cost-Effective
There’s a flat fee charge on the bill payments, making it a cost-effective solution for the consumers.
- Easy Integration
BBPS APIs are easy to integrate into your existing business platform, establishing a connection between the billers and your business and enabling customers to start paying their bills or automating recurring payments.
Conclusion
This is a general understanding of the Bharat Bill Payment System by NPCI, a popular passive revenue multiplying feature that almost all FinTech or Non-FinTech businesses are adopting. If you are willing to increase the traffic on your business platform and offer them a commonly accessible service feature, FidyPay will help integrate BBPS seamlessly into your platform. Get in touch to learn more about FidyPay’s BBPS API services.
