Brief On Bharat Bill Payment System ( BBPS )

BharatBill Payment System was issued by Reserve Bank Of India (RBI) on November 28, 2014 and is driven by National Payments Corporation of India (NPCI). It is an advanced interoperable bill payment system, which allows customer to do bill payment with no bar on time and location within India. This system is only to be used for domestic purpose within India which makes it reliable and secure for doing transaction. BBPS have multiple mode payment system, which can be done within a single window.

Key Features Of BBPS:-

Integrated Interoperable System:-

BBPS is connected with all banks and non-banks for bill payment and also connected with agents, retail outlets, customers, billers, service providers and this makes it a robust bill payment system within India. Complaint Management System: BBPS carries standardized complain management system, and is able to handle both On us and off us transactions.

Usually two types of complaints which BBPS face is

1.Customer based and Service based

2.Online and Offline

Dispute Management System:-

Facilitated BBPOU's have lead to raise disputes and definitely there will be a dispute management system.

Standardized Process:-

BBPS carries a standardized bill payment ecosystem for banks, non-banks, sponsors, agents, customers , retailers and service providers.

Benefits of using BBPS :-

1.The system is secure, safe and Integrated.

2.Quick Settlement between parties.

3.Better Dispute Management and Complaint Management .

4.Fast and Quick settlement will improve liquidity of billers.

5.Fast and Time saving process.

6.Reliable and Open System.

7.Quick Payment confirmation

8.Faith creation within customers.

9.Vast Payment option.

10.Conversion of cash to E-Money leading India to Cashless economy.

Participants of BBPS:-

Bharat Bill Payment Central Unit (BBPCU):-

Reserve Bank Of India (RBI) authorized National Payments Corporation of India (NPCI) under the name Bharat Bill Payment Central Unit ( BBPCU ). BBPCU is responsible for setting business standards, rules on its payment system for

1.Business

2.Technical related changes

3.Bill payment

4.Settlement and Disputes related to transaction

5.Customers

6.Agents

7.Billers

8.Service provider

9.BBPOU (Bharat Bill Payment Operating Units)- Banks & Non-Banks

BBPOU (Bharat Bill Payment Operating Units):- Bharat Bill Payment Operating Unit (BBPOU) are authorized by Reserve Bank Of India and are Banks & Non-Banks. After getting authorized by RBI the entity can decide to integrate with three operating units under Bharat Bill Pay.

1.Customer (Customer OU)

2.Biller (Biller OU)

3.Both Biller OU and Customer OU

Agents:-

Agents are the customer service outlets who gives services to general public and business and these agents are in the form of bank branches, collection points and retail outlets.

Biller:-

Biller are those who provide service to the customers an then receives the bill from them for the service they provided. A biller may tie up with two BBPOUs to cover up his all customers.