FreeCharge, a recently acquired unit of eCommerce giant Snapdeal looks keen to take a crack at maintaining the Bharat Bill Payments Systems (BBPS) from the Reserve Bank of India.
RBI wants to put in place an integrated bill payment system to bring all transaction under a single window, keeping in mind all the options of payment gateways present at the moment.
"People will come to one platform where they can pay all their bills. We actually love the fact that this initiative has been taken. You cannot make digital transactions happen in this country till you fix bill payments and mobile recharge," said Kunal Shah, Founder & CEO, FreeCharge.
RBI urged companies to engage in bill payments by applying to join BBPS as Operating Units on October 20. The network will offer interoperable bill payment services to customers online as well as through a network of agents on the ground.
The system, which will start with utility payments, will be designed to provide multiple payment modes and instant confirmation of money being received. Bank and non-bank entities currently engaged in bill payment can participate as operating units or as agents of authorised operating units.
Authorised collection agents will need to have a net worth of Rs100 crore and be registered domestically, the RBI has stipulated. The BBPS will be operated by the National Payment Corporation of India (NPCI), which will set standards for processes to be followed by operating units.
The move is expected to help track all payments and make it easier for customers who will no longer have to transact on different gateways. The scope of bills covered under the BBPS will be expanded to include other types of repetitive payments.
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