RBI Permits Use Of Bharat Bill Payment System For Mobile Prepaid Recharges
RBI allows users to make mobile prepaid recharges via BBPS- Bharat Bill Payment System. A great initiative that suits Indian mobile subscribers.
BBPS – Bharat Bill Payment system is a one-stop platform for facilitating recurring payments. It is operated by NPCI- the National Payments Corporation of India. BBPS saw its beginnings in 2014. At the time, it was a platform for recurring payments in 5 categories namely-Water, Gas, Direct To Home (DTH), Telecom, and Electricity. They now operate in 7 categories as below: –
- Electricity
- Gas
- Water
- Telecom
- Insurance
- Loan Repayments
- Education
Our research team came to know that by May 2021, the total number of bill payment transactions via BBPS reached 213.59 million. This is an amazing figure that also proves the trust and reliability the company enjoys.
The Reserve Bank of India made a heart-warming announcement that was welcomed alike by mobile subscribers on June 14th 2021. According to this statement, BBPS could be used as a gateway to make prepaid mobile recharges. Our sources reveal that this new method will come into force from August 31st 2021. Earlier in September 2019, RBI had released a circular which included most categories of billers; however, the prepaid mobile recharges were not permitted.
As per an authorised source from RBI, Considering constant development in distinct biller categories and to enable mobile prepaid customers with additional options to recharge, it has been agreed to allow ‘mobile prepaid recharges’ as a biller category in BBPS. The change will be implemented on or before August 31, 2021.
Foreseeing immense potential in the growth of BBPS, NPCI is planning to release BBPS as a separate entity with a CEO on board. Even today, we can predict a bright future for the new venture, seeing how fast the organisation is progressing.