BBPS is an integrated bill payment system developed by National Payment corporation of India (NPCI) that will offer inter operable bill payment services to customers online and offline
- Bill payments easier
- A single platform is provided to pay any bill physically or electronically. Instant confirmation is another feature.
- Cheque payment is not allowed. Payments are allowed as in cash or as digital transaction i.e. debit, credit, net banking, UPI
- Another step to facilitate RBI’s vision of payments for customers anytime, anywhere.
- BBPS’s initial aim is to promote digital economy and cashless transaction
- Any person can pay through a BBPS outlet or BBPS website. S/he needs to have an account for payment.
- Some banks established a mobile handset for this facility.
- Start-up activities are also mushrooming around BBPS with features like e-wallet or mobile payment.
- Digital Divide
- Developing a viable business model is still in process
- Funding from VCs or Angel investors are highly needed
- A financial task force to finalize commercial model is required
- Customer reaction to this ecosystem will play a big role for sustainability of the same.
BBPS is a novel and innovative approach. It can be developed as a single-national level platform any cashbased or cashless payment.