NPCI sets up NPCI Bharat BillPay Ltd. to process Recurring Payments
The National Payments Corporation of India (NPCI) has announced the formation of a wholly-owned subsidiary firm NPCI Bharat BillPay Ltd to process recurring payments. This new subsidiary of NPCI will offer recurring bill payment services to customers, including bill payments for electricity, telecom, DTH, gas , education fees, water and municipal taxes, NETC Fast Tag recharge, Loan repayments, insurance, cable, housing society, hospital, credit cards, clubs and associations among others.
According to a press release, Bharat BillPay is constantly creating innovative payment infrastructure for recurring payments across the country in order to provide safe and convenient experience to customers thereby eliminating the need of going around multiple biller touch points.
About Bharat BillPay
Bharat Bill Payment system is a RBI conceptualised ecosystem driven by National Payments Corporation of India (NPCI). It has multiple modes of payments and provides instant confirmation of payment via an SMS or receipt.
About NPCI
National Payments Corporation of India (NPCI) is an umbrella organisation for operating retail payments and settlement systems in India. It offers a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), National Electronic Toll Collection (NETC Fastag) and Bharat Billpay. The organisation brought about a revolution in the digital payments industry with products such as IMPS and UPI. Recently, it had even launched NFC based Rupay SoftPay systems. For grievance redressal, it has also launched UPI help for failed transactions. It enables BHIM UPI users to use check status, raise complaints for incomplete transactions to individuals and complaints for merchant transactions.
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