BENEFITS
- Easy to use
- Safe and secure payment method
- Interoperable across various banks
- Encourages financial inclusion and serves the underbanked sections of society
The Bharat Bill Payment System (BBPS) is an essential system regulated by the Reserve Bank of India (RBI). It offers an integrated, interoperable invoice payment service to customers across all regions, guaranteeing transaction certainty, reliability, and security.
Promoting a Cashless Society
We are champions of a cashless society, redirecting the landscape of cash-based bill payments toward electronic channels. Currently, you can pay bills for utilities such as gas, electricity, water, DTH subscriptions, and telecommunications.
The online utility bill payment business presents a profitable venture for small entrepreneurs and shop owners looking to diversify their income streams. As India progresses towards digital transactions, online payments for utility bills like water, electricity, gas, post-paid phone plans, internet services, and more are becoming increasingly lucrative. Bill Baro utility bill payment franchise is very easy to own. You simply need to have your shop and a smartphone or laptop.
Streamlined Integration: One of the key principles of BBPS is streamlined integration. This concept revolves around the Bharat Bill Payment Operating Unit (BBPOU), which serves as the bridge between banks and non-banks. Banks and non-banks should connect only to the Central Payment Unit of Bharat (BBPCU) and the National Payments Corporation of India (NPCI). Such unified integration ensures that billers need only connect to a single BBPOU. This straightforward approach simplifies the process for both businesses and customers. Compensation and Settlement: The system relies on standardized rules and guidelines to facilitate multiple liquidation and guaranteed settlements between different parties. These rules ensure that transactions are carried out with the utmost transparency and efficiency. Complaint Management: BBPS isn't just about making payments; it also introduces a standardized complaint management system. This system handles customer complaints across all types of transactions. With a structured approach to addressing concerns, BBPS prioritizes customer satisfaction.