Private sector lenders HDFC Bank Ltd. and Kotak Mahindra Bank Ltd. on Tuesday said they have gone live with the Bharat Bill Payment System (BBPS) aimed at easing utility and other recurring bill payments for consumers.
The BBPS is a centralised system created by the National Payments Corporation of India (NPCI), involving banks and non-banks, and allows agents to access bill payments services in an inter-operable manner, HDFC Bank said.
A customer can pay multiple bills from a single platform without the hassle of visiting multiple websites or issuing individual cheques, or also registering billers with her bank for standard instructions for debit.
"BBPS introduced by NPCI is a seamless payment platform that offers speed and convenience to pay all types of bills," HDFC Bank digital banking head Nitin Chugh said, adding that the service will soon be made available for non-bank customers as well.
The bank has introduced the service on its net-banking page at present and plans to offer it on mobile banking platform next.
Kotak Mahindra Bank Chief Digital Officer Deepak Sharma termed BBPS as "an aggregator of bill aggregators," which will serve to be a game-changer in the payments landscape as hundreds of billers will get added.
At present, there are 124 billers whose payments can be made using the service, he said, adding that Kotak Mahindra Bank launched the service three weeks ago.
The NPCI has been piloting the BBPS since the latter part of 2016, and now the focus will be on adding maximum amount of billers, Sharma said.
The billers may include energy utilities, telcos, direct-to-home (DTH) service providers, insurance companies, etc.
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