The National Payments Corporation of India (NPCI) on Wednesday launched the pilot project for the Bharat Bill Payment System (BBPS) with 26 operating units that will facilitate bill payments both online and offline.
In the first phase of the project, the Reserve Bank of India-mandated system will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH). Eventually, there may also scope for expansion into other repetitive bills such as municipality taxes and school fees.
“BBPS, in due course of time would link all major billers in the country with all their consumers which will simplify bill presentment and bill payments electronically,” NPCI CEO A P Hota said in a statement.
“Currently the volume of bills being paid by cash is so large that even if 25 % of the bills get paid electronically, impact would be visibly enormous,” he added.
The BBPS will allow customers to pay all their major bills through one website or outlet. Till date, 62 entities have received in-principle approval from the RBI to function as operating units.