The National Payment Corporation of India (NPCI) with its plan to digitize bill payments across the country will join the Digital India initiative. The NPCI is developing an integrated Bharat Bill Payments System to provide an ease of ‘anytime anywhere’ payment of all kinds of bills to customers. This will cover water, DTH and telecom with a plan of expanding and covering school fee, university fee, municipality taxes, mutual funds, insurance premiums etc after approval from the RBI.
Customers can easily pay bill from retail points using various payment modes such as credit card, debit card, mobile wallet, net banking (IMPS, NEFT) after getting registered with Bharat Bill Payments System. Process of registration can either be done online or by walking into any BBPS outlet. The customer would share detail such as his name, address, email id, mobile number and an identification document. After registration, a Customer ID would be given to the customer that will be used in all future transactions. This would definitely change the bill payments being done today.
The biggest beneficiaries of this entire change are going to be the domestic remittance companies and business correspondents of the banks having huge retail presence across the country.