HDFC Bank, Kotak Mahindra Bank go live with Bharat Bill Payment System

Private banks HDFC Bank and Kotak Mahindra Bank stated that they are now live with the Bharat Bill Payment System (BBPS) on their internet banking portals.

Customers of the two banks, while logging into your net banking accounts, can now avail this scheme on bills and payment option. They can make payment of multiple bills from a single platform without visiting different sites or issuing individual cheques.

To verify the status of their online transactions, customers will have to follow two steps. First, they will have to add their mobile number and then select the date option or just enter the transaction reference ID.

In a move to further push digitalisation, National Payments Corporation of India (NCPI) on August 31, 2016, had introduced the BBPS - largely a biller-specific to support an ‘anytime, anywhere’ payment option to customers. 

Under its first phase, BBPS is expected to cover repetitive payments for daily utility services like electricity, gas, water, telephone and Direct-to-home (DTH).

As per the Reserve Bank of India (RBI), there are top 20 cities generating Rs 6,223 billion in bill payments every year – and over 70% of these transactions are still predominantly being carried out by cash or cheques.

NPCI is the authorised regulator for functioning of BBPS, who will be responsible for setting business standards, rules and procedures for technical and business requirements for all the participants. 

BBPS does not own any transaction financially from a payment system perspective, working only as a medium to connect multiple billers and agents through various Operating Units.