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. 

Utility Bills Providers – Offer Cashback for early payment of your Bills

 

This is a #FinFiction Post

Just provide a cashback of 1% to your consumers and see the monies flow early into your accounts.

Consumers are willing to pay the bill within 3-4 days of the bill generated date if the respective utility companies offer a reasonable cashback.

Example 01) My Airtel Landline Account

Latest Bill Date is 12/09/2020

Due Date is 01/10/2020

Bill Amount is INR1532.00

I have opted for Kotak Mahindra Bank’s Automatic Bill Pay Module and my bank will debit my Bank Account on 27/09/2020 to remit the bill amount to Airtel.

If I am offered a cashback of say 1% i.e INR15/- for payment within 17^th September, I will pay my bill withing 17^th September, instead of waiting till 27^th September.

Like me there will be lakhs of Airtel consumers are willing to take the early payment offer.

So, will Airtel roll out this offer and make itself happy.

 

Example 02) My BESCOM (Electricity Bill) Account

Latest Bill Date is 12^th September, 2020

Bill due date is 1^st October, 2020

Bill amount is INR1729.00

 I have opted for Kotak Mahindra Bank’s Automatic Bill Pay Module and my bank will debit my Bank Account on 22/09/2020 to remit the bill amount to Airtel.

If I am offered a cashback of say 1% i.e INR175/- for payment within 17^th September, I will pay my bill withing 17^th September, instead of waiting till 22^nd September.

Like me, there will be lakhs of BESCOM consumers willing to take the early payment offer.

So, will BESCOM roll out this offer and make itself happy.

 

The cashback offer can be dynamic integrated with BBPS at the time of Fetch and Pay option.

Basing on the Fetch and Pay Date, the cashback amount can be calculated and displayed to the customer.

 

OR

The cashback offer can be static, i.e Bill Date 12/09/2020, pay before 17/09/2020 and get a cashback of % in your next bill.

 

 

 

 

 

Head / NACH – NACH – Bill Payments. Bharat Bill Payment Systems

            Reserve Bank of India today released the final guideline for rollout of BBPS. BBPS expands to Bharat Bill Payment Systems.

            NPCI will function as the authorised Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS processes which need to be adhered to by all operating units (Bharat Bill Payment Operating Units - BBPOUs) under the system.

At the same time NPCI, as the BBPCU, will also undertake clearing and settlement activities related to the BBPS as outlined in the guidelines.

            Going ahead interested future participants of the BBPS system have been advised by RBI to interact with the NPCI to work out the modalities.

RBI will accept the applications from the prospective BBPS participants from the first quarter of 2015.

The exact date from which/format in which such applications for authorisation/approval can be submitted will be notified by RBI in due course

BBPS or the Indian GIRO in the long run is expected

01) to reduce the waiting time for bills payments  across India,

02)to increase the float in the Billers Bank accounts,

03) to encourage on time payment of bills,

04)to eliminate the activity of bill payments in the billers outlets

05) to save fuel

06)to introduce a new subset of loyalty points

In the initial phase the share of cash receipts as compared to electronic receipts will be more. As the consumers and participants gain knowledge, the share of electronic receipts will increase.

            The Payment Systems Vision in India 2012-15  highlighted the existence of a huge bill payments market with a diverse and a complex biller market structure with varied national/regional players and private/state owned entities.

In the Second Quarter Review of Monetary Policy 2012-13, the Reserve Bank of India announced the setting up of a Committee to finalise the modalities of implementing an electronic GIRO payment system in India.

The Committee was set up under the chairmanship of Shri G. Padmanabhan, Executive Director, Reserve Bank of India to study the feasibility of implementation of an electronic GIRO payment system in the country. Subsequently, based on the recommendations of the Committee, a Giro Advisory Group was constituted under the Chairmanship of Prof. Umesh Bellur, IIT Bombay, with the objective of defining a framework that enables the creation of pan India touch points for bill payments by  customers in the country, irrespective of the geographical location of the billers.

The Group, which submitted its report on March 20, 2014, had recommended a tiered structure for bill payments system in the country – with a central unit setting the standards and various operating units working in accordance and adherence to the standards set for the BBPS.

Accordingly, the draft guidelines for implementation of the Bharat Bill Payment System (BBPS) were placed on the Reserve Bank’s website on August 7, 2014 for public comments. The final guidelines for implementation of the Bharat Bill Payment System (BBPS) have been prepared based on public comments received on draft guidelines.