Ramesh attributed the increased use of the bill payments aggregation system to the ease of making instant and safe bill payments to any biller of any state, city or region from anywhere in India.
The National Payments Corporation of India’s (NPCI) Bharat BillPay saw monthly payment transaction volumes rise 75% between March 2017 and March 2018 to 31.5 million. The value of transactions rose to Rs 2,986 crore from Rs 1,125 crore over the same period, AR Ramesh, chief project officer, Bharat Bill Payment System (BBPS), said on Friday. At present, the bill payment service has 75 billers on board the system, while work is on to integrate the remaining 18 Reserve Bank of India (RBI)-approved billers over the next few months, Ramesh said. Of the 75, at least 49 are electricity suppliers, 10 are gas suppliers, four are telecom service providers, another four are water utilities, three are direct-to-home (DTH) services and another three are broadband service providers.
Ramesh attributed the increased use of the bill payments aggregation system to the ease of making instant and safe bill payments to any biller of any state, city or region from anywhere in India. He added that BBPS is a more economical option for most billers than using other payment gateway services. “From the biller’s standpoint, very often, it is more cost-effective when they come to us because with most others, they pay ad valorem rates. Here they pay a specific fixed amount,” he explained.
At a later stage, NPCI will look at adding small-value suppliers who raise bills of a recurring nature, subject to regulatory approvals for on-boarding such billers, Ramesh said. In February, consulting firm KPMG had said in a report on BBPS that telecom postpaid bills constituted a chunky 47% of BBPS transactions in December 2017, followed by DTH bills, which accounted for another 32%.