The National Payments Corporation of India (NPCI) on Thursday announced formation of a wholly-owned subsidiary firm NPCI Bharat BillPay Ltd. (NBBL) to offer recurring bill payment solutions. The new entity has come into effect from April 1, 2021, it said.
The brand under the new entity – Bharat BillPay – offers various recurring payment services to customers, including bill payments for electricity, telecom, DTH, gas, education fees, water and municipal taxes, NETC FASTag recharge, loan repayments, insurance, cable, housing society, subscription fees, hospital, credit card, clubs and association among others.
“Bharat BillPay is constantly creating innovative payment infrastructure for recurring payments across the country in order to provide safe and convenient experience to customers thereby eliminating the need of going around to multiple biller touch points,” it said in a release. As an initiative of RBI and IBA, NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.
The platform offers a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat BillPay.