HOW WILL THE 'BHARAT BILL PAYMENT SYSTEM' BE USEFUL?

In today’s times, making transactions is not as painstakingly hard as it used to be. This is due to the technological advancements in the financial sector of India. Bharat Bill Payment System, an initiative of the National Corporation of India (NCPI) was launched in 2016 to make bill payments easier for consumers across the nation. The process of gas, water, electricity bill payment, among others, is simplified because of this system. Also known as BBPS, this bill payment system allows customers to manage all their transactions from a single outlet or website. As a result, millions of payments are processed in a seamless manner without any middlemen involved. The main goal of the Bharat Bill Payment System is to allow the people of our country to pay their bills from anywhere at any time. If you are stuck in a location and need to make an emergency payment, then this service by BBPS will come to your rescue. An integrated platform of payments like water bills, gas bills, etc., BBPS ensures that all types of financial transactions can be made by cash, cheques, and online payment modes. Along with this, money transfers have been made quicker with this platform. Be it domestic or international, Bharat Bill Payment System is approved by the Reserve Bank of India (RBI). Instant transfers in any part of India, Nepal, and other parts of the world is possible through this platform. All branches of Muthoot Finance have the option of paying bills via the Bharat Bill Payment System.

Benefits of BBPS

When you think about making your monthly bill payments for gas, water, electricity, etc., BBPS should be the platform to choose. This is because it comes with a number of benefits listed below:

Interoperable
The most rewarding advantage of the Bharat Bill Payment System is that it connects banks, non-banking financial institutions, businesses, payment service providers, and consumers in one ecosystem. Due to this reason, the entire process becomes an efficient operation that does not require multiple platforms.
Easy Accessibility
When you are in a rush without having a minute to spare, the quickest mode of payment is just what you need. BBPS allows you to pay your bills digitally through various payment gateways. Moreover, you have the option of visiting any Agent Institutions that are part of this payment platform.
Cost-saving
A lot of times, making money transfers can cost you a service charge that keeps fluctuating according to the market. However, the Bharat Bill Payment System only charges a flat fee without any additional costs whatsoever. So, you will be able to save a significant sum of money every time you make a payment or money transfer from your bank account.
Standardisation
The development of this platform has been done in such a way that every payment is processed by following a certain set of rules and regulations. Taking this practice into account, all payments and transfers are standardised across this ecosystem.
Complain Management
In case of any grievances, a team of highly skilled customer support representatives are available to assist the billers. All queries and complaints are taken care of by following a due diligence process. This service by BBPS has helped millions of people to make secure payments across the country.
Dispute Management
There can be glitches in the payment process digitally and physically. In such times, the banks and financial institutions can raise disputes with BBPS to look into the matter immediately. These disputes are given priority and monitored in case further investigation is needed.
Guaranteed Settlements
In situations wherein payments have failed with the money deducted from a consumer’s bank account, clearances and settlements are assured by the Bharat Bill Payment System. The compensation is provided within the turnaround time (TAT).

How can a customer register?

If you wish to make use of this platform for paying your utility bills, then the following steps can come in handy:

Visit a BBPS kiosk or outlet near if available in your town or city.
Find a reputed financial institution or bank where registrations are available.
Provide details of name, contact number, address, email ID, and identification proof.
Log in to the official website of BBPS and register yourself online.
For both digital and physical registrations, a customer ID will be generated after the process is completed.
Save your customer ID and use it as a reference for all future transactions on the Bharat Bill Payment System.

Muthoot Finance is one of the leading financial institutions in the country. Our customers have the option of making bill payments and money transfers with BBPS service at any of the Muthoot Finance branches or online through mobile wallets, mobile banking, and internet banking.