Urjanet – Any plans to integrate with India’s BBPS?

Topline: I wish to see 90% of Retail Bill Payments being routed via BBPS (Bharat Bill Payment Systems) in the next 5 years

Urjanet is connected to over 6,000 utility providers worldwide. Urjanet operates a utility bill capture for payments solution, which supports bill payment and streamlined accounts payable operations for corporates.

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Our flexible technology allows us to integrate with virtually any provider. Chances are, we already work with yours. Search for your provider to see if it’s integrated into the Urjanet Utility Data Platform. To view all covered utilities in a certain region, type in the state or country.

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Unfortunately, Urjanet is not yet connected to any utility providers in India. In India, Urjanet has an office in Chennai. This eases the process to expand its services in India.

The number of Utility Billers is on the increase as LPG Gas is delivered to residents via pipes.

In the first week of July 2020, in yet another reform initiative in the oil and gas sector, the government is set to throw open city gas distribution (CGD) networks across the country to competition, allowing participation of more than one player in a circle vying to attract consumers.

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"We have finalised regulations on allowing competition in CGD areas that will be notified in next seven to 10 days," Petroleum and Natural Gas and Regulatory Board (PNGRB) Chairman D.K. Sarraf told IANS.

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This will increase the number of consumers serviced by Utility Service providers all over India.  As more and more billers on board BBPS, the data available will be valuable to analyse customer behaviour.

            The news about Urjanet securing $14.65 million in Series D funding in the last week of June 2020 from varied investors that include Equifax and existing backers Oak HC/FT, Pete Kight, Grotech Ventures and Correlation Ventures adds value to alternate data requirements for processing loan applications.

The company aims to expand the sources of data from which financial services providers can pull for underwriting and other services. In the company’s funding announcement, Equifax president of United States Information Services Sig Singh said the firm is “erasing the problem of thin credit files or credit invisibility” to support access to financing for consumers and businesses.

The major benefit I see from Urjanet integrating with BBPS is the ability for companies to pay their Utility Bills via BBPS instead of paying via Cheques /Demand Drafts or other modes.

For Eg: Punjab State Power Corporation Ltd has made mandatory  Digital payments for all bills above Rs 50000 w.e.f 1st July 2019. 

This has led to corporates paying their electricity bills via RTGS/NEFT.

The bill payment via RTGS/NEFT is a bit cumbersome and can be more customer-friendly.

Just read this article of July 2018 - Rs 100 crore in one day: PSPCL realises the magic of digital payments @ https://egov.eletsonline.com/2018/07/rs-100-crore-in-one-day-pspcl-realises-the-magic-of-digital-payments/