BBPS Full Form in Banking and Features
The Bharat Bill Payments System, also known as BBPS is among the numerous digital payment systems that are accelerating India towards cashless economics. There is no longer a time that you needed to carry cash in order to pay your bill at an office or at a designated center. Now, you can have the option of paying for any charge from your home using either your account at the bank or on credit cards.
Since its launch up to Jan. 2023 BBPS have witnessed more than 100 millions transactions. This is a sign of how many companies are using it to ensure secure transactions. This guide will give you a thorough understanding to the benefits this payment method offers.
What is BBPS?
Since its initial launch in the year 2016 It has expanded to become an online payment platform that is used by various business outlets as well as online shopping platforms. Like the name implies it’s an electronic payment system that enables business and customers to transfer money through a variety of channels. With the advent of payment systems that are digital This Made-in-India product offers secure transfer.
Features of BBPS
Below are the most important components of BBPS bill payment that can provide an effective solution.
- Fast settlements, with 8 cycles in one day
- Offers more than 150 digital networks, with more than 35 lakh physical payment outlets
- Platform that is user-friendly
- End-to-end secured platform
- Follows each RBI regulation guideline
- It is available 24 hours a day, 7 days a week with 99.87 percent uptime
- The 12 payment methods are presented for consumers
- Reduces costs by using their digitalised process.
What is the process?
Since the BBPS complete form of banking is’Bharat Bill Payments System’ it acts as a centralised system for payment of various bills. The system lets you pay for things like water, gas, electricity mobile, DTH, mobile FastTag loans, recharges and broadband.
With it, you are able to send real-time bills across the nation. Below are the various payment options that you can pick from:
- Account Transfer
- AEPS
- Bharat QR
- Cash
- Credit Card
- Debit Card
- Internet Banking
- IMPS
- NEFT
- Prepaid Card
- UPI
- USSD
- Wallet
The business registers that are available that offer this service permit you, as a client to use your fill-at-pay through the channels mentioned above. Additionally, you can use other payment platforms, such as PhonePe, AmazonPay, PayTM, Google Pay, CRED and many more.
These are steps for paying your bills using the BBPS:
- First step: Select your favorite platform
- Step 2. Select the category, and the biller
- Third Step: Input the fundamental parameters in order to retrieve their respective bill
- step 4: Choose a payment method, such as UPI, Net Banking or debit/credit card AEPS, wallets, and any other
- Phase 5:Process your transaction and receive instant confirmation with the Bharat Bill Payment Receipt
- Step 6 You should expect an update once the payment has been completed within the timeframe
Why You Should Choose the Bharat Bill Payment System (BBPS)?
Here are some hints on the benefits you will receive from BBPS:
- Secure: BBPS uses strict protocols to secure the financial information as well as the history of transactions for customers.
- Transparency All transactions on the platform are recorded and is easily traceable
- It is convenient: Customers can pay their bills from any location and at any time by using a variety payment options
- Notifications Users receive alerts regarding due dates, which can help reduce late payments.
- Rapid confirmation The customer receives a prompt acknowledgement of their payments
- complaints: Users can quickly complain about any issue with the BBPS payment process.
- Billers Benefits Billers benefit from prompt collection using this easy system.
The entire system allows for easy meeting deadlines for payment, both for consumers and billers. Both are able to access authentic organizations and all transactions are confirmed through The Bharat Payment System. In this way, everyone has simple transactions with the right rules.
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FAQs on the Bharat Bill Payment System:
Do BBPS and UPI identical?
It’s not true, Bharat Bill Payment System is an all-in-one platform specifically designed to pay bills. Contrary to that, UPI is a payment method for making transfer of funds, much like net banking transfer (NEFT). BBPS lets you access and pay bills on time and provides a single solution for paying your bills.
How much does BBPS charge?
At present, there aren’t additional charges to make online payments through BBPS. This is in contrast to other platforms, which could include concealed fees for transactions.
Is Bharat Bill Pay safe?
This is among the most secure options that you can get. Each transaction is documented and is accessible at any time. Secure encryption from beginning to end makes this platform secure to use.
Is Bharat Pay an entity that is registered with RBI?
It is true that BBPS has been accepted by RBI to enable electronic bill payment.
