The app is basically alternative to the existing systems and enhances consumer confidence and experience.
BBPS nearly doubled the number of bills paid through the platform in December 2017 to 19 million transactions from 10 million in April, when it was first launched.
BBPS users can control all of their bills at one place and can choose to pay those bills anywhere and anytime. The transaction can be done on any customer-facing channel, as mentioned on the official website of BBPS.
A recent report showed that in terms of volume the share of transactions done for telecom postpaid bills stands at 46.8%, DTH (at 32% and electricity at 19.4%. In terms of the value of bills paid, electricity was ahead of all other sectors, at 54.7%.
As of December 2017, there are 7.5 lakh entities registered as BBPS agents. There are 11 national billers and 48 state-specific billers over 18 states, the report said.
In fact, the value of bills paid on the BBPS platform jumped about 46% to Rs 2,690 crore in December from Rs 1,843 crore in April last year. However, the National Payments Corporation of India data suggests that 99% of the transactions were successful and about 0.14% of it was disputed.
Steps to make an online payment using Bharat Bill Payment System (BBPS):
1. To make your bill payment user can connect to any internet banking/app of the respective bank
2. After you are landed on the bank’s official website just click on the bill payment or user can also hot the BBPS tab.
3. Now choose the category of the biller and enter the bill details in the given space.
4. The last step of the process involves user to initiate a payment and get an instant confirmation of the payment.
5. The consumer would get an instant confirmation and receipt once the transaction is successfully completed. Users also note that a notification SMS will apparently be given to the user by their respective bank/non-bank.