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.
Disclaimer:
These are my personal opinions only. The bottom line ‘Safe ePayments’.
Nothing
more - Nothing Less.
