Introduction to Bharat Bill Payment System (BBPS)
Bharat Bill Payment System (BBPS) was introduced to function as a three tiered structure which will operate the bill payment system in the country with the sole objective of making “anytime anywhere” payment available to the customers.
The online commerce system of the country presently consists of two entities including the content providers and payment aggregators. Payment side of this system involves banks and intermediaries while the content side involves varied intermediaries ranging from those that host the digital markets to the facilitating merchants.
The objective of the Bharat Bill Payment System (BBPS) is to form an integral and interoperable bill payment system in the country which will provide an accessible bill payment service to all customers through multiple payment modes and network of agents.
Bharat Bill Payment System (BBPS) can be extended in future to include services facilitating the collection of repetitive payments like school fees, tax payments, bill payments and other repetitive or periodic payments. It can also include the e-commerce services as decided by the Reserve Bank of India (RBI).
Bharat Bill Payments System (BBPS) participants include all authorised entities including the entity that operates BBPS, their agents, banks, service providers, etc.
What is the eligibility criteria for the Bharat Bill Payment System (BBPS) participants?
There is a certain eligibility criteria for the participants of the Bharat Bill Payment System (BBPS) participants. The eligibility criteria is as follows:
To become a participant of the BBPS, the concerned entity should be a company registered under the Companies Act 1956 or the Companies Act 2013. - The entity should have a net worth of at least 100 crore rupees. - The company should have domain experience in the field of bill collection and related services. - The company should be incorporated in India. - The company should get authorisation under the Payment and Settlement Act of 2007 from the Reserve Bank of India (RBI).
