The National Payments Corporation of India (NPCI) on Thursday announced the formation of a wholly-owned subsidiary NPCI Bharat BillPay. The new entity has been operational since April 1.
The brand Bharat BillPay, NPCI said in a statement, offers various recurring payment services to customers, such as bill payments for electricity, telecom, DTH, gas, education fees, water and municipal taxes.
The Bharat Bill payment system is an ecosystem for payment of all bills providing an interoperable and accessible bill payment service to all customers across India.
As per NPCI’s website, Bharat BillPay currently has 68 Bharat Bill Payment Operating Units (BBPOU). BBPOUs are banks or non-bank entities that are the only ones eligible to onboard billers and agent institutions, and set up agent network and digital channels to handle bill payments through different delivery channels.
Incorporated as an initiative of the Reserve Bank of India (RBI) and Indian Banks' Association (IBA) in 2008, NPCI works as an umbrella organisation for operating retail payments and settlement systems in India.
Apart from Bharat BillPay, NPCI’s products include RuPay card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, and National Electronic Toll Collection (NETC FASTag), and Bharat BillPay.
Separately, the regulatory framework surrounding recurring payments was in the news last week, when the Reserve Bank of India extended the March 31 deadline for compliance with e-mandate on credit and debit card-based recurring transactions for banks and service providers to September 30.