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The opportunities and pitfalls of the Bharat Bill Payment System (BBPS)

by Srikanth The Bharat Bill Payments System (BBPS) is an integrated payment system offers interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. In May 2013, a committee under RBI Exec director G Padmanabhan studied Giro based payments across the world and feasibility of introducing Giro based payment system in India. While conventionally Giro payments were paper-based and used cheques, world was moving towards electronic GIRO and the committee in its report proposed IBPS (Indian Bill Payment System). In March 2014, Giro advisory group, headed by IIT-B professor Umesh Bellur submitted the GAG Report which defined the contours of rechristened Bharat Bill Payment System, and suggested the formation of a central standards body as non-profit organisation called BBPS Central Unit (BBPSCU), either within NPCI or a similar new entity, with multiple for-profit BBPS Operating Unit (BBPSOU) registered under it to provide commercial operations and make competition. As per the RBI FAQ on BBPS, all entities involved in bill payment processing are now to be licensed under BBPS either as BBPSOU / as an agent under a licensed BBPSOU, by satisfying minimum capital requirements and adherence to BBPSCU defined technical standards and processes before May 2017, then extended it to December 2017 or must exit the business, essentially putting the industry under licensing regime. The front story and upsides 1. Consumer convenience If you have paid electricity/water / local broadband provider’s bill through first-party websites (if they have one), chances are you have seen issues with the interfaces, user experiences, and payment…

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