🗓️ Day 16 of PM Modi's 30-Day Challenge: UPI Revolutionizing BBPS Processes! 🌐💳

A Digital Symphony:  In this digital chapter of the 30-day challenge, Day 16 marks a significant turn as UPI steps up to smoothen the Bharat Bill Payment System (BBPS) processes. 🚀

 

🤖 Unveiling BBPS: BBPS, orchestrated by the National Payments Corporation of India (NPCI), stands as an integrated online ecosystem. With over 35 lakh offline collection centers and 150+ digital payment channels, including prominent UPI apps like Google Pay, PhonePe, and Paytm, BBPS serves as a comprehensive platform for diverse bill payments. 📲💻

 

💳 Agent Institution - Guiding the Digital Symphony: Acting as conductors in this digital symphony are agent institutions, ranging from UPI apps like Google Pay to physical outlets such as banks. These entities play a crucial role in facilitating seamless BBPS transactions, making major UPI apps integral participants. 🎻📱

 

💰 Consumer Benefits in Digital Harmony: Consumers reap the rewards of this digital integration with easy payment options like UPI and net banking. BBPS offers versatile payment modes both online and offline, ensuring instant confirmation of transactions and digital-first grievance resolution to enhance the user experience. 💡💳

 

📈 Biller's Vision - Digitizing the Bill Collection Landscape: For billers integrated into BBPS, the digital vision encompasses collecting recurring payments, minimizing costs associated with diverse UPI apps, and reducing manual efforts in reconciliation. This transformation aims to reshape the bill collection process for the next generation of digital bill payers. 🔄💡

 

In the harmonious marriage of UPI and BBPS on Day 16, the digital landscape witnesses a transformation.

It's not just about payments; it's about forging a path toward seamless, efficient, and cost-effective digital transactions.

🌐💃🚀 #DigitalTransformation #UPIBBPS

 

**Paving the Way for Safe ePayments: Declaring Safe ePayDay! ** 🚀

In the vast realm of digital transactions, the spotlight is now on declaring a special day — Safe ePayDay / Safe ePayments Day! 💳✨

 

🚀 The countdown has begun, and the day is fast approaching when we'll join together in a global celebration of Safe ePayDay.

🌍✨ Imagine a day dedicated to promoting secure, seamless, and responsible electronic transactions, uniting individuals, and businesses alike.

 

Stay tuned for the momentous occasion when we collectively recognize and applaud the significance of secure ePayments in shaping a trustworthy financial landscape. 🎉💼

Let's usher in the era of Safe ePayDay, a day where we celebrate the reliability and resilience of electronic payment systems worldwide! 🌐💳 #SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

 

📢 Disclaimer: These are my personal views only.

🌐 The focus is declaring a Day as Safe ePayDay / Safe ePayments Day.

🚀 Yes, the day is not far off when there will be a celebration of Safe ePayDay / Safe ePayments Day.

Copyrights if any, belong to the original copyright holder only.

 

Additional Readings:

💳✨ Happy RuPay Credit Card User Shares Positive Vibes! ✨💳** @ https://prashantnepayments.blogspot.com/2023/11/happy-rupay-credit-card-user-shares.html

PM Modi Urges Exclusive Use of UPI on Mann Ki Baat: A Month Dedicated to Digital Payments @

https://prashantnepayments.blogspot.com/2023/11/pm-modi-urges-exclusive-use-of-upi-on.html

 

 

  

Reserve Bank of India focuses on Mahindra & Mahindra Financial Services Ltd Physical Repossession process

 

Reserve Bank of India focuses on Mahindra & Mahindra Financial Services Ltd Physical Repossession process

          The trigger for this blog post is Reserve Bank of India’s Press Release dt Sept22, 2022 @ https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54414

          The title of the above press release is: Action against Mahindra & Mahindra Financial Services Ltd., under Section 45L(1)(b) of the Reserve Bank of India Act, 1934

          The press release gist is:

The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.

At the same time, Reserve Bank of India made it clear that the said NBFC may continue to carry out recovery or repossession activities, through its own employees.

Reserve Bank of India action is based on certain material supervisory concerns observed by RBI in the said NBFC, with regard to the management of its outsourcing activities.

          My only wish is that ‘Mahindra & Mahindra Financial Services Ltd’ onboards BBPS with live connectivity to it’s borrower accounts.

          Q: What is meant by live connectivity?

          Ans: Live connectivity means the EMI’s due amount in the borrowers accounts in the company’s IT Systems should be picked up and displayed in the BBPS “pay Emi” field.  

          There are a number of tools available in the Indian market for recovery of overdue loans.

          My focus is only on BBPS as a tool to reassure borrowers of their overdue amount, and collection transparency.

          The borrowers should be able to see their pending EMIs amount in any BBPS enabled Application and be able to pay digitally or via Cash at any BBPS Collection Point.

          No physical cash should be collected by the finance company’s employees or agents towards EMI repayments.

           

 

Additional Reading:

RBI directs Mahindra Finance to stop outsourcing its recovery activity through agents @  https://www.livemint.com/companies/news/rbi-directs-mahindra-finance-to-stop-outsourcing-its-recovery-activity-through-agents-11663854933869.html

Pregnant woman crushed to death under tractor wheels by recovery agents, RBI bars Mahindra Finance from loan recovery through 3rd party agents @ https://zeenews.india.com/personal-finance/pregnant-woman-crushed-to-death-under-wheels-of-tractor-by-recovery-agents-rbi-bars-mahindra-finance-from-loan-recovery-through-3rd-party-agents-2513327.html

Mahindra Finance share price tanks 10% after RBI action - what investors should know @ https://www.zeebiz.com/market-news/news-mahindra-finance-share-price-tanks-10-following-rbi-action-what-investors-should-know-200254

Mahindra Finance says number of repossessed vehicles will go down after RBI order @  https://www.businesstoday.in/latest/corporate/story/mahindra-finance-expects-number-of-repossessed-vehicles-to-go-down-after-rbi-order-347997-2022-09-23

 

Why RBI Directed Mahindra & Mahindra Finance To Stop Recoveries Through Third-Party Agents @

https://www.outlookindia.com/business/why-rbi-directed-mahindra-mahindra-finance-to-stop-recoveries-through-third-party-agents-news-225324

 

 

 

 

 

Copyrights if any belong to the original copyright holders only

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

Bengaluru Metro – Please onboard NPCI BBPS as a Biller

 

Bengaluru Metro – Please onboard NPCI BBPS as a Biller

          The major trigger for this blog post is

Quote

1. Contract with PhonePe for recharge of BMRCL smart cards is closed. Passengers are requested to use “webtopup.bmrc.co.in” web site (or) Namma Metro App (or) Paytm App (or) Amazon Pay App

Unquote

          The minor trigger for this blog post is:

Tender No 4AFC-PPI --- Providing B2C APP Services for QR Code mobile ticketing and Recharge of Contactless Smart Cards (CSCs) in BANGALORE METRO RCL AFC System.

          The popularity of Bangalore Metro can be seen with the ever-increasing passengers waiting to board metro trains across all Bangalore metro stations.

          It will be great if the waiting time at the ticket counter for physical tokens.

          These tokens are necessary for 1 way travel between metro stations.

          Another option for metro passengers is the Smart Cards.

          The Smart Cards have to be loaded with digital currency.

          These smart cards have to swiped at the entry gates of metro alighting stations and again swiped at metro destination stations.

          The stored amount is reduced by the fare between the two metro stations. The main advantage of the smart cards is the speed of the entry to the metro stations. The card holders need not stand in queues to obtain the physical tokens.

         

          In the recent past, Bangalore metro smart card holders have faced challenges to top up their smart cards.

          The tender for BMRCL passenger App is under evaluation .

          Benefits of BMRCL onboarding NPCI BBPS as a Biller

Benefit 01) BMRCL Smart card top-up is equivalent of Mobile Prepaid Top Up / Electricity Meter Prepaid Top up / Cable TV Prepaid Top up / FASTag Top Up.

Each Smart Card has a unique number, which is the key to load digital currency.

Benefit 02) Top of 1 Day / 3 Day Pass can also be thought of. No need of handing over the physical cards at the ticket counters for refund of the security deposit.

Benefit 03) Reduce the physical cash collection at ticket counters and associated risks in physical cash handling

Benefit 04) Increase TAT of passengers travelling in BMRCL trains

Benefit 05) Reduce the tension of passengers waiting at the physical ticket counters of metro trains travelling to their destination, while the queue moves slowly.

Benefit 06) Minimal approvals required as NPCI BBPS exclusively focuses on Billers only.

Benefit 07) Elevate ticketing experience to WOW

Yes, minor technical integration between BMRCL Ticketing software and NPCI BBPS platform. However, this is not a show stopper.

As a nation, we have the nation to provide a better travelling experience to BMRCL passengers

 

Looking forward to seamless ticketing experience

Additional reading material: You are in (a pretty long) queue @ https://bangaloremirror.indiatimes.com/bangalore/others/you-are-in-a-pretty-long-queue/articleshow/93623518.cms

 

Bangalore Metro – Looking forward for a WOW Ticketing Experience -Onboard NPCI BHIM @ https://innovationinbanking.blogspot.com/2022/08/bangalore-metro-looking-forward-for-wow.html

 

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

Will Reliance Jio activate BBPS for repayment of its Emergency Data Loan?

 

Will Reliance Jio activate BBPS for repayment of its Emergency Data Loan?

Reserve Bank of India vide Notification dt.June 14^th, 2021  opened up BBPS (Bharat Bill Payments System) for  Mobile Prepaid recharges.

Under the mobile prepaid facility, users pay in advance to the Mobile company to avail its services.

A number of prepaid plans are offered by mobile companies, with plan validity ranging from 1 day to 365 days

There are a number of prepaid combos too i.e Data, Voice, Voice + Data etc

As the validity plans and combos are dynamic, users are advised to visit their mobile provider recharge points for an informed decision.

 

Benefits of Reliance Jio offering BBPS option to its ‘Emergency Data Loan’ customers

01)  Reliance Jio can request friends/family members to clear the ‘Emergency Data Loan’

02)  Reduced TAT in the collection of the EDL outstanding’s

03)  The quicker the repayment, the more possibilities of Reliance Jio users taking fresh ‘Emergency Data Loan’

04)  Increase customer stickiness via process convenience

05)  User need not search for easy ‘Emergency Data Loan’ repayment options

06)  ‘Emergency Data Loan’ can be availed by users who are not comfortable with digital payment options

07)  Low integration costs for Reliance Jio collection team.

08)  Positive feedback of Industry’s first usage case for BBPS Pre- Paid Recharge category

 

Proposed process:

Reliance Jio onboards BBPS for its prepaid recharges and ‘Emergency Data Loan’ payment

‘Emergency Data Loan’ Payment

For every ‘Emergency Data Loan’ availed, a BBPS invoice is created with BBPS Invoice Number being the unique identifier

Jio user or his/her representative visits any BBPS outlet - Physical or Digital, chooses

Mobile Prepaid                       Reliance Jio                 Inputs Reliance Jio Number followed by Reliance Jio ‘Emergency Data Loan’ Invoice Number.

The outstanding amount pops up and the user completes the payment

Alternatively, a Unique repayment BBPS QR Code is generated for each ‘Emergency Data Loan’ and repayment made by scanning on the same.

BBPS is operated by the National Payments Corporation of India (NPCI), which offers an interoperable platform for recurring bill payments.

Drawbacks:

Who will bear the BBPS charges? Reliance Jio or the end customer

 

 

OffWallet – Zero Internet Wallet Patent Granted

 

          BetaBuilds Team can now proudly say from ‘Patent Pending’ to ‘Patent Granted’.

          The team has successfully navigated the various levels for ‘Patent Granted’, badge, with a Vision & on a mission to “Bridge the Digital Divide”,

  

BetaBuilds team has multiple patents, & recently received GRANTED status  for their unique “OffWallet” Technology that allows users to make payment and receive them, without internet, and the tagline of OffWallet highlights the same --  “We enable your Wallet to Work without Internet”.

          The thought process of BetaBuilds team is guided to enable bank account holders to safely transfer their money from one account to another account, without any dependency on the internet.

          There are multiple challenges associated with digital internet transactions. To overcome these challenges and simplify the digital transaction process without the internet, is the prime focus area of BetaBuilds.

          Due to falling mobile rates, more and more account holders are shifting to digital transactions. However, the challenge of sudden connectivity failures is a major limiting factor.

 

          BetaBuilds has come up with a patented FinTech technology for account holders to transact over mobile on

01) No Data Mode

02) No Network Mode

Under – ‘No Data Mode’, transactions via financial apps is possible with No Wifi or Mobile Data

Under – ‘No Network Mode’, limited transactions via financial apps is possible with No Wifi or Mobile Data or Voice/SMS

BetaBuilds patented technology can be adopted by BFSI Industry’s Financial Apps for

01) Digital Payments Wallets

02) Banking Apps i.e. MOBILE BANKING APPS/ NEFT/RTGS/IMPS

03) Credit/Debit Card payments

04) Bill Payments

05) Insurance and EMI Payments

06) UPI Based payments

07) POS Payments

In short, any financial app which leads to a Debit (Payment) or Credit (Receipt) in a bank account.

The bank account can be of individuals or merchants.

Under Mission #LessCashNotCashLess, my preferred usage of OffWallet is BBPS (Bharat Bill Payment Systems) transactions.

OffWallet can minimise / eliminate the worst-case scenario of bank account holders losing internet connectivity while transacting a BBPS bill payment.

In case of transaction disruption due to connectivity failure, the account holder is not sure of the transaction success. The respective utility companies do not respond in time for the query. Thereby discouraging BBPS transactions via mobiles.

 

 

 

The OffWallet technology can add the extra assurance for a successful BBPS transaction.

FinTech patents are relatively a new area in the Patent World.

FinTech companies require patent protections to recover the costs associated with a new technology or process.

Without patent protection, the company that spent the time and development costs in creating new FinTech solutions would always lose out to second-mover advantage.

FinTech is all about tech, so patents are uniquely powerful over copyright and trademark protections.

Patents specifically prevent others from making, using, or selling services based on a protected technology.

Patent laws are designed to help you hold onto market share while you reimburse your R&D investment.

          354 patents are under various process stages at inPASS with the keyword ‘Banking’ @ https://ipindiaservices.gov.in/PublicSearch/PublicationSearch/Search

          This shows the scope of FinTech innovation going in India, with a focus on patent obtention to safeguard future revenues.

Looking forward to early adoption of BetaBuilds OffWallet technology by Financial Apps across the world.    

 

References:

Patents filed by India-domiciled companies in US continue to decline; here’s the key reason

Economic Times — FinTech Patents — Finance Technology Innovations Implemented Over Digital Platform

View the demo of OffWallet - https://youtu.be/fL5jujtme2M

Check out the complete OffWallet process flow @ http://betabuilds.com/

 

 

  

 

 

 

 

    

All Electricity Boards please follow the Kerala Model of 5% discount for Online Bill Payments

 

Should all States/UTs follow the Kerala example? 5% Discount for Online Bill of Kerala Electricity Bill Payments

To encourage Digital transactions and eliminate Cash / Cheque transactions, KSEB is offering 5% discount for online bill payments.

The 5% discount is the biggest offer so far offered amongst State Electricity Boards.

Very few state electricity boards offer a discount for online bill payments.

Normally, Payment Apps viz Paytm, Amazon Pay, etc offer cashback for 1^st time users. This attracts users and the users before payment of any electricity bill search Google for cashback offers.

The 5% discount offered by KSEB is in addition to the cashback offered by different payment apps.

The only drawback in Online Bill Payments, if for any reason, stupid or otherwise, the payment gets reversed after some time.

This leads to a very bad customer experience. The reversal is more painful, when the digital bill payment is paid via a third-party bank account or wallet.

BBPS (Bharat Bill Payment System) major benefits:

01) Biller’s customers can pay their bills in cash too across numerous touch points. The customers will get instant receipts of the payment. The only pain point is the processing fee per bill, if any charged by the collecting agents. The processing fee may be less as INR5/- . This discourage customers to pay via Cash at BBPS Counters and pay at the Biller’s physical collection only.  

Ideally, customers should not pay more than the bill amount and the processing fees of the BBPS touchpoints should be paid by the biller only.

The billers operating cost of own physical collection centres will be far more as compared to the processing fees paid to BBPS Cash collection touch points.

It would be beneficial to the Utility companies, if they offer 5% discount or cashback for digital payment of bills. It’s a win-win situation for the companies as well as the customers.

Hopefully, other states will follow the Kerala model very soon.

 

Few Examples:

Karnataka BESCOM statement dt. 16^th February 2015.

The honourable KERC has approved a rebate of .25% on the bill for those consumers who pay their bill through ECS. Moreover, ECS consumers will not be on the disconnection list. Consumers account will be debited only on the due date and not before that.

 

Reference Articles:

Watch the video of Kerala State Electricity Board 5% Cashback Offer|Electricity Bill Payment Online @ https://www.youtube.com/watch?v=gWrrBvCaL8E

KSEB not to cut off connections over non payment of bill; to levy penalty instead @ https://english.mathrubhumi.com/news/kerala/kseb-not-to-cut-off-connections-over-non-payment-of-bill-to-levy-penalty-instead-1.5015971

Quote

12.69 lakh people who paid the electricity bill online for the first time got 6.05 crore cash back

12.69 lakh consumers got 5 % cash back announced by KSEB for the first time to pay the electricity bill online. From May to August, a total of 6.05 crore rupees was given for cashback in this way.

In May, 6,78,162 people, 1,74,614 in June, 2,11,984 in July, and 2,04,262 in August paid the electricity bill for the first time using online payment system.

5 % cash back offer for first time online payment available till 2020 December 31

 

Unquote

 

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.