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Thursday, January 6, 2022

 NPCI Bharat BillPay Ltd. announces a Block Buster with Unified Presentment Management System (UPMS)



            NBBL, a wholly-owned subsidiary of National Payments Corporation of India, unveiled a Block Buster for Bill Payments i.e , the UPMS.

The full form of UPMS is Unified Presentment Management System.

UPMs will play a key role in pushing up volumes from the present 19 lacs daily average to 100 lacs by 2024.

AXIS Bank, IDFC First Bank and PhonePe are off the block offer UPMS to their customers as soon as possible.

At the same time, multiple Banks and Consumer Tech companies are accessing the sandbox finetuning their UPMS offerings.

As the launch date comes closer, there will be more clarity of the process flow.

Q: What is UPMS?

Ans: UPMS is a platform wherein the customers will be able to set up bill fetch requests from BBPS Billers based on unique identifiers.

The unique identifiers can be customers

a)      Account Number with the Biller

b)      Registered Mobile Number

c)       Registered email Id

NBBL through UPMS will enable the customers to set up standing instructions – from any channel and for any mode on their recurring bill payments.

The bills will be automatically fetched from the billers and presented to customers for their action, in terms of auto-debit and bill payment management.

Customers will be able to see the status of all their saved bills in one platform.

Q: What are the benefits expected from UPMS

Ans: 01) Customers need to do only update their unique identifiers of the bills once.

02) As and when the bill against the unique identifier is generated by the biller, the same will reflect in UPMS. Customers need not log into different portals to check their bill status.

03) As and when customers pay their bills via any BBPS Channel /  any BBPS Mode, the payment details will reflect under the particular bill in UPMS

04) This means I as a customer, can register my Electricity bill on UPMS and in November 21 pay the electricity bill via PAYTM, in December 21 via PhonePe, in January 22 via Amazon Pay and all the monthly bill details / payment details will reflect in UPMS

The benefits are immense and as customers, especially corporate customers start using UPMS they will be able to appreciate the simplicity of UPMS.

The only criteria are that the billers has to be part of the BBPS platform.          

 

Q: At present, how many billers are Live on BBPS?

Ans: 20,000 + Billers across multiple categories are Live on BBP.

The highest category of billers is from the education sector. More than 17,000/ - from across India are part of the BBPS.

This means Students / Parents can pull the pending fee details based on a unique identifier and pay the same.

 Q: Can Mutual Funds join as Billers on BBPS?

Ans; Yes, Mutual Funds can join as Billers especially for SIPs investments.   

Q: What are the most favorite categories of Bill Payments on BBPS?

Ans: The most favorite categories of bill payments are Electricity and FASTag

Electricity as the bills are generated month on month and have to be paid before the due date

FASTag as folks prefer to top-up while traveling along Toll Roads and top-up via BBPS is extremely fast and easy.

Q: What is BlockBuster?

The Merriam-webster Dictionary defines "Blockbuster", as - that is notably expensive, effective, successful, large, or extravagant –

UPMS is Large and on the way to be successful.  

About NPCI Bharat BillPay Ltd.

NPCI Bharat BillPay Ltd. is a wholly-owned subsidiary of National Payments Corporation of India.

Came into effect from April 1, 2021, NBBL is growing rapidly on account of the ease and accessibility it offers to the customers and the one-stop solution to Billers for low-cost collections.

The platform offers 20,000+ billers across multiple banks and non-bank channels.

 

Source Article: https://www.npci.org.in/PDF/npci/press-releases/2022/NBBL-Press-Release-NBBL-launches-Unified-Presentment-Management-System-(UPMS)-to-simplify-bill-payments.pdf

 

 

Disclaimer: These are my personal opinions only. The bottom line ‘Safe ePayments’.

Nothing more - Nothing Less. 

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