We missed this earlier.
The Bharat Bill Payment System (BBPS) has facilitated 31.5 million transactions in the month of March, up 75% YoY from 18 million recorded in March last year, figures revealed the National Payments Corporation of India (NPCI) have shown. The value of transactions has gone up by around 165% YoY. Transactions worth Rs 2986.15 crore were recorded in March as compared to Rs 1125.51 crore worth of transactions in March last year.
The NPCI’s release also highlighted key stats pertaining to the BBPS, they include:
- 71 – The total number of Bharat Bill Payment Operating Units (BBPOUs) certified by NPCI. This includes 61 banks and 10 non-banking entities.
- 75 – The total number of billers that have been enabled to receive payments. This includes 49 electricity providers, 3 DTH providers, 4 postpaid mobile operators, 2 landline telecom operators, 3 broadband internet service providers, 10 natural gas providers and 4 water supply companies.
- 1.7 million – The total number of agents that have been on-boarded.
As per the BBPS framework, a customer can pay several bills such as electricity, telephone, water, gas, and direct-to-home television at a single terminal or an electronic device like a smartphone — and receive instant confirmation once the payment is made.
According to a report on Livemint, AR Ramesh, the chief project officer of BBPS has said that the NPCI is also looking to get approvals from the Reserve bank of India (RBI) for other categories of recurring payments such as fee payments, monthly instalments and mutual fund payments which can eventually be offered on the BBPS ecosystem. The Financial Express also reported that at a later stage, NPCI will look at adding small-value suppliers who raise bills of a recurring nature, subject to regulatory approvals for on-boarding such billers, Ramesh said.
According to Ramesh, the objective has been to rapidly enhance the biller base to enable easier bill payment for consumers under one single ecosystem. Payments through BBPS may be made using cash, transfer cheques and electronic modes. Bill aggregators and banks, which function as operating units, carry out these transactions for the customers.
In February, consulting firm KPMG had said in a report on BBPS that telecom postpaid bills constituted a chunky 47% of BBPS transactions in December 2017, followed by DTH bills, which accounted for another 32%.