BBPS Full Form in Banking is Bharat Bill Payment System. Bharat Bill Payment System is an RBI-mandated system that provides integrated as well as interoperable bill payment benefits to clients across geographies while ensuring transaction certainty, dependability, and safety. Customers can pay bills through a network of distributors or online, with several payment options and rapid confirmation. It will aid in the transition to a cashless world by shifting bill payments beyond cash to electronic channels. BBPS will be an integrated platform that connects bill aggregation banks and non-banks, billers, payment service providers, and retail bill outlets.
It will enable smooth bill payment via any channel, including the Agent-Assisted Model, at any Advisor outlet/bank branch/online channels. To gain access to all billers, Banks/Non-Banks will need to connect just to BBPCU i.e. NPCI. Billers must connect to only one BBPOU in order for all clients to pay invoices. Multiple clearances and guaranteed settlements with uniform TAT between different parties. To address consumer complaints for all types of transactions, BBPS will implement a uniform complaint management system. Verify and double-check the amount that must be paid as well as the customer can pay via multiple modes, whichever way is supported at the particular website. The client gets a rapid confirmation with the Be-assured emblem on the mobile/web interface.