Business & Investment

NPCI Hive Bharat Bill Pay to New Company to Unleash Growth

Mumbai: Indian National Settlement Corporation (NPCI) has transferred all transaction obligations of the Bharat Bill Payment System (BBPS) to a newly established subsidiary. NPCI Bharat BillPay Limited (NBBL) effectively avoids the auto-billing business.

Banks and payment aggregators on a platform called the Bharat Bill Payment Operating Unit (BBPOU) have been asked to begin accounting for billing transactions under NBBL from April 1st.

“In accordance with the directive received by RBI, the Bharat Building Payments Central Unit (BBPCU) business will be transferred from NPCI to NBBL (a wholly owned subsidiary of NPCI), which will be effective from April 1st,” said NPCI’s mailing memo. Is stated in the copy. It has been reviewed by ET.

The· Reserve Bank of India Sources have instructed NPCI to establish a separate subsidiary to expand its interoperable billing platform by increasing operational autonomy and onboarding new claimants.

The query mailed to NPCI did not elicit a response.

Major banks and aggregators such as State Bank of India, HDFC Bank and BillDesk are all BBPOUs on the platform, with monthly billing for thousands of telecommunications companies, gas companies, utilities, educational institutions and other claimants in the country. We are processing a written payment.

According to data released by NPCI on Thursday, BBPS processed 35 million transactions, equivalent to 5,196 chlores, to more than 19,000 claimants in March 2021.

Both NPCI and RBI believe that BBPS has significant growth limits, especially as a B2C payment platform for small businesses that provide monthly solutions to their customers, according to sources. “There is great potential for expansion as follows: Unified payment interfaceSaid one of the quoted people. “In addition, NPCI is full of major channels such as: UPI, IMPS, Aadhaar-enabled payment systems and National Electronic Toll Collections (FasTag). ”

NPCI Hive Bharat Bill Pay to New Company to Unleash Growth

https://economictimes.indiatimes.com/markets/stocks/news/npci-hives-off-bharat-bill-pay-into-new-co-to-unleash-growth/articleshow/81867260.cms NPCI Hive Bharat Bill Pay to New Company to Unleash Growth

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