What is Bharat Bill Payment System?
Bharat Bill Payment Service (BPPS) is an integrated online platform conceptualized by Reserve Bank of India (RBI) and developed by the National Payments Corporation of India for all kinds of bill payments.
The system offers integrated, accessible, and interoperable bill payment service to consumers across geographies with certainty, reliability, and security of transactions. The platform allows multiple payment modes like Credit Card, Debit Card, UPI, Aadhaar Enabled Payment System (AEPS, Wallet, Cash and provides quick confirmations along with instant generation of receipts of payments.
Under the BBPS framework, a customer will be able to pay several bills such as electricity, telephone, water, gas, loan repayments, credit cards, mutual funds and DTH television at a single location physically or electronically and receive the instant confirmation once the payment is made.
Benefits of BBPS
The benefits of the Bharat Bill Payment System can be divided into two categories biller benefits and customer benefits.
How does BBPS onboarding via AllCloud help loan providers?
AllCloud will enable various financial institutions, lending organizations, microfinance institutions to get registered on BBPS as a Biller by signing up with our bank partners. After registration, billers will become available on all UPI, Banking Apps and offline channels serviced by BBPS.
With AllCloud BBPS offering, Lenders can be quickly onboarded across multiple consumer apps for collecting loan repayments thereby reducing the loan defaults and improving collections. Lending organizations will be able to collect bills from all of Bharat Payments 400+ apps and 3.5 million offline touch points.
AllCloud will be your technology partner throughout the entire customer collections journey. Multiple modes for making payments such as debit or charge cards, e-wallets, money, net banking, etc. will be accessible.Through one integration, loan providers show up with all payment service providers who are on BBPS and who have also onboarded the customer, at the time when the customer chose to use their services. The largest benefit is that the bill could be paid anytime and anywhere. The BBPS outlets would include banks, ATMs, business correspondents, kiosks, etc. and payments would be made securely through the NPCI system with instant receipts becoming generated.
AllCloud is a technology platform that enables businesses to onboard BBPS as a ‘biller’. Our goal is to provide a comprehensive, easy to consume API set for bill payments . Once we have integrated with your APIs, organisations will be able to see their business listed in the BHIM app in less than one week.