FinanceLane
  • Funding
    • Equity Funding
    • Debt Funding
    • Crowdfunding
    • Real Estate Funding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Commodities
    • Forex
    • Private Equity
    • Real Estate
    • Crypto Investing
  • Lending
    • Personal Loan
    • Business Loan
    • Mortgage
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Health Insurance
    • Auto Insurance
    • Education Insurance
    • General Insurance
  • Banking
    • Individual Banking
    • Business Banking
    • Investment Banking
    • Neo Banking
    • Payments Bank
  • Crypto
    • Crypto Coins
    • Crypto Trading
    • Bitcoin
    • Blockchain
    • DAPP
    • Crypto Investing
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Payments
    • Digital Banks
    • Alternative Financing
    • Asset Management
    • Softwares
  • Venture
    • Startup Ecosystem
    • Merging & Acquisition
    • Equity Investing
    • Franchising
    • Business Offers
  • Login
No Result
View All Result
  • Earning
  • Savings
  • Investments
  • Budgetting
  • Credit Management
  • Tax Planning
  • Retirement
  • Advisory Lane
FinanceLane
Home News Feed Advisory

Bharat Bill Payment System to help NRIs pay bills in India

FinanceLanebyFinanceLane
August 6, 2022
in Advisory, Investments, News Feed, Savings, Tax Planning, Wealth
Reading Time: 5 mins read

ET Online|

Updated: 06 Aug 2022, 09:42 AM IST

1/8

Inward cross-border payments

Now, your NRI son or daughter can pay your power, water bills and other utility bills in India directly. The Reserve Bank of India (RBI) has enabled this process via the Bharat bill payment system (BBPS), opened for processing inward cross-border payments. It is an interoperable platform for bill payments.

Getty Images

What is Bharat Bill Payments System?

2/8

What is Bharat Bill Payments System?

A Reserve Bank of India (RBI) conceptualised system driven by National Payments Corporation of India (NPCI), Bharat Bill Payment System (BBPS) offers interoperable and accessible bill payment service to consumers via digital (bank channels) as well as through a network of agents & bank branches.The RBI now proposes to enable it to accept cross-border inward payments. Earlier, this service was available to customers in India only.

Getty Images

What are biller categories?

3/8

What are biller categories?

At a single window, it offers all recurring payments such as electricity, telecom, DTH, Gas, water bills, insurance, loan repayments, education fees, FasTag recharge, municipal taxes, housing society, subscription fees etc.

Getty Images

What are different payment modes?

4/8

What are different payment modes?

The payment modes options at BBPS are cash, cards (credit, debit & prepaid), IMPS, UPI, AEPS, internet banking & UPI, wallets.

Getty Images

What are the different payment channels?

5/8

What are the different payment channels?

The transaction can be initiated through both digital channels such as internet, internet banking, mobile, mobile banking, POS (Point of Sale terminal), MPOS (Mobile Point of Sale terminal), kiosk, and offline channels like ATM, bank branch, agents and business correspondents.

Getty Images

Who is Bharat Bill Payment Central Unit?

6/8

Who is Bharat Bill Payment Central Unit?

The National Payments Corporation of India (NPCI) has been authorized by the RBI as the Bharat Bill Payment Central Unit (BBPCU), which is responsible for setting business standards, rules and procedures for technical and business requirements for all participants. The BBPCU undertakes clearing and settlement activities related to transactions routed through BBPS.

Getty Images

Who is an agent?

7/8

Who is an agent?

Agents are the sole customer touch points and service points in the BBPS ecosystem which will be available in branch offices, collection centres, retail outlets and other service points. Agents can accept bill payments through various modes.

Getty Images

Who is a consumer?

8/8

Who is a consumer?

A consumer is the entity who wants to make a bill payment to any biller that is a part of the BBPS system. Consumer can make a bill payment of any of the bills e.g. Electricity, post-paid, landline, gas, DTH etc. online or through any BBPS Agent Outlet. The BBPS enabled Agent Outlet could be any retail store or Bank branch with the BBPS Logo or Banner.

Getty Images

Source Link

Related Topics

Blockchain

Opensea Opens Bulk NFT Listings & Purchases for Users

Bitcoin

Bitcoin’s Lightning Network Capacity Crosses 5,000 BTC Benchmark

Prev Next

You May Like

Blockchain

Opensea Opens Bulk NFT Listings & Purchases for Users

Bitcoin

Bitcoin’s Lightning Network Capacity Crosses 5,000 BTC Benchmark

Advisory

Bank FDs vs post office term deposit: Which offers senior citizens higher interest rate for short term

Blockchain

Crypto.com Offers Google Pay and Apple Pay Support for Canadian Users

Blockchain News

Coinbase Introduces PayID and Premium Services for Aussie Retail Customers

Blockchain News

Yuga Labs Sets Up BAYC Community Council to Boost Innovations

Advisory

Central govt employees: General Provident Fund (GPF), CPF interest rates announced for Oct-Dec 2022 quarter

Bitcoin

Bitcoin Crosses $20K Mark, as Whales Continue to Accumulate Tokens

Financial News

Advisory

Don’t keep money idle in your savings bank account

FinanceLane
by FinanceLane
Advisory

Can you and your children lose legal right to inherit a property?

FinanceLane
by FinanceLane
Advisory

Earn 10-12% return on this P2P debt product by LenDenClub: Should you invest?

FinanceLane
by FinanceLane
Bitcoin

DeFi Lending Protocol Compound Launched its Compound III Version

Blockchain
by Blockchain
Blockchain

MetaHollywood to Build Largest Hollywood-Themed Metaverse

Blockchain
by Blockchain
Advisory

Bit Index AI: Scam or legit?

FinanceLane
by FinanceLane
Advisory

HDFC Bank Vs ICICI Bank: Which bank is offering highest 1-3 FD interest rates after hike

FinanceLane
by FinanceLane
Blockchain News

Binance CEO Discusses Crypto Ecosystem with Turkish Officials

Blockchain
by Blockchain
Blockchain

DEVITA Goes Live on Polygon for Equitable Healthcare and Speedy Data Transmission

Blockchain
by Blockchain
Blockchain News

LUNA 2.0 Debut Experiences Hiccups as Price Plummets, Will Trust Remain Robust?

Blockchain
by Blockchain
Bitcoin

Crypto Lending Platform SALT Works with Cion Digital, Launching Crypto Lending Service for Auto Dealers

Blockchain
by Blockchain
Blockchain News

Venture Capital Firm Variant to Establish $450m Venture Fund III

Blockchain
by Blockchain
Load More
FinanceLane.com
  • Disclaimer
  • Privacy Policy
  • Terms of use
  • Subscribe
  • Contact

Subscribe to get the latest updates

Follow us on

© 2022 FinanceLane.com. All rights reserved.

  • Home
  • Funding
    • Equity Funding
    • Debt Funding
    • Real Estate Funding
    • Crowdfunding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Private Equity
    • Merging & Acquisition
    • Real Estate
  • Lending
    • Personal Loan
    • Business Loan
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Auto Insurance
    • Education Insurance
    • Health Insurance
  • Banking
    • Business Banking
    • Payments Bank
    • Investment Banking
    • Individual Banking
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Alternative Financing
    • Payments
    • Asset Management
    • Digital Banks
    • Softwares
  • Fintech
    • Alternative Financing
    • Asset Management
    • Digital Banks
    • Softwares
    • Payments
  • Crypto
    • Crypto Investing
    • Crypto Trading
    • Crypto Coins
    • Bitcoin
    • Blockchain
    • DAPP
  • Subscribe
  • Contact
  • Login

© 2022 FinanceLane - Terms and Conditions | Disclaimer | Privacy Policy

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.