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NPCI's Bharat BillPay spots a big opening in education fee payments
Economic Times
·
5m ago
Medial
NPCI Bharat BillPay is focusing on digitizing fee payments in India's education sector, targeting schools and colleges to streamline the payment process through its Bharat Connect platform. Despite initial slow uptake, government mandates have increased participation, particularly among central and private institutions. Bharat Connect aims to simplify and make institutional collections efficient, allowing payments via popular apps like Google Pay. They plan to integrate all universities and significantly increase transaction volume by the year’s end.
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Credit cards dominate bill payments on Bharat Connect
Economic Times
·
6m ago
Medial
Credit card bill payments dominate Bharat Connect, an NPCI Bharat Billpay platform, accounting for 64% of transaction value. Electricity and loan payments follow at 13% each. While electricity payments lead in transaction numbers at 28%, credit card payments and Fastag recharges are also significant. Regulatory changes have shifted third-party credit card bill payments to Bharat Connect. In December, Cred processed Rs 32,736 crore, surpassing BillDesk and PhonePe, despite PhonePe leading in transaction numbers.
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Zoho Rolls Out Zoho Payments To Streamline B2B Transactions
Inc42
·
11m ago
Medial
Zoho Payments, a new offering from the company, enables businesses to accept payments through different methods like UPI, net banking, and cards. The B2B payments capabilities of Zoho Payments are powered by NPCI's Bharat Bill Payment System (BBPS). Zoho obtained a payment aggregator license from the RBI earlier this year.
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NPCI’s International Arm Partners QNB To Roll Out UPI In Qatar
Inc42
·
1y ago
Medial
NPCI International Payments Limited (NIPL) has collaborated with Qatar National Bank (QNB) to bring UPI payment functionality to Qatar. Indian tourists visiting Qatar will now have the ability to make UPI payments using QR codes at retail outlets and tourist spots across the country. This partnership aligns with NPCI's objective of expanding the reach of UPI globally, following similar agreements in countries like UAE, Singapore, and several African nations.
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Fintech firm Cred receives BBPS customer operating unit certification
Economic Times
·
11m ago
Medial
Bengaluru-based fintech firm Cred has received certification from NPCI Bharat Billpay to operate as a customer operating unit (COU) on the Bharat Bill Payments System. This certification allows Cred to establish more partnerships and speed up credit card bill payments made through their app. Cred users will also gain access to process bill payments across all billers available on the BBPS network. Cred processed over Rs 15,000 crore in bill payments across compliant banks in July, making it the largest agent institution on BBPS. The company has also introduced a new feature called the 'Cred Guarantee' to ensure timely bill settlements.
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OPEN Launches Bharat Billpay For Business To Streamline B2B Transactions
Inc42
·
11m ago
Medial
Fintech company OPEN has partnered with NPCI Bharat BillPay Limited to launch a service that allows businesses to generate invoices for their clients through their accounting software, bank, or ERP systems for instant payment and reconciliation. This announcement follows the RBI governor's expansion of Bharat BillPay services to cater to business enablement platforms.
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How NPCI's Bharat Connect aims to streamline B2B payments for small businesses
Livemint
·
9m ago
Medial
NPCI Bharat Connect, formerly known as NPCI Bharat BillPay, is developing an interlinked payments platform for small businesses in India. The platform aims to provide a digital infrastructure for the 63 million micro, small, and medium enterprises in the country. By enabling interoperability across systems, Bharat Connect aims to streamline operations, reduce payment tracking time, and resolve disputes for small businesses. The platform, launched at the Global Fintech Fest in September 2024, is currently in the final phase of development and has been well-received by bankers. The pilot phase has seen positive results, and the platform is expected to have a significant impact on B2B payments in India.
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Interoperability in net banking payments soon
Economic Times
·
8m ago
Medial
The National Payments Corporation of India (NPCI) is integrating with a group of banks to enable interoperability in netbanking and mobile banking payments. The first phase of the project is expected to launch in the next few months, with ICICI Bank and HDFC Bank in advanced stages of integration. This initiative aims to reduce reliance on Unified Payments Interface (UPI) transactions by allowing consumers to make online payments via netbanking while checking out of ecommerce portals. The move is driven by NPCI Bharat BillPay, with the goal of bringing all banks onto a common platform for payment integration.
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NPCI In Talks With Banks, Fintechs To Implement Interoperable Payment System for Net Banking
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has approved the launch of an interoperable payment system for net banking, NPCI Bharat Billpay (NBBL), which is expected to enable transactions as early as next month. The move is part of RBI's Payments Vision 2025, aiming to increase digital payment transactions by over 3 times and reduce cheque-based payments to less than 0.25% of total retail payments. Various banks and fintech firms are now discussing the implementation of NBBL, which will facilitate quicker settlement of funds for merchants. Digital transactions in India have seen significant growth in recent years.
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Cred tweaks P2P lending platform Mint to abide by latest RBI norms
Economic Times
·
5m ago
Medial
Cred has adjusted its peer-to-peer (P2P) lending platform, Cred Mint, to comply with the Reserve Bank of India's latest regulatory changes. Although these adjustments have impacted its momentum, the platform continues to align with guidelines. Cred is broadening its offerings with loans against mutual funds, generating interest from banks and NBFCs. Additionally, Cred is expanding into business payments using the Happay platform, aiming to enhance services on the Bharat BillPay network.
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Interoperable Payment System For Net Banking To Be Launched This Year: RBI
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is set to launch an interoperable payment system for net banking in 2024, aimed at facilitating quicker settlement of funds for merchants. The approval for implementing the system has been granted to NPCI Bharat BillPay, which connects banks and non-banks in the bills aggregation business. RBI Governor Shaktikanta Das believes this system will boost user confidence in digital payments and help streamline transactions that are currently not interoperable, reducing delays and settlement risks.
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