HDFC & Kotak Mahindra Bank Goes Live on Bharat Bill Payment System
Posted on:10 Feb 2017 09:38:31
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10 February 2017 Current Affairs: The Private sector lenders HDFC Bank started operating its Bharat Bill Payment System (BBPS) on February 7, 2017 to ease the bill payment service for the customers.
Along with HDFC, Kotak Mahindra Bank also went live with the BBPS service.
BBPS was introduced by National Payments Corporation of India (NPCI). It is a centralized payment platform that offers speed and convenience to pay all types of bills.
A customer can pay multiple bills from a single platform without the need of visiting multiple websites or issuing individual cheques, or also registering billers with her bank for standard instructions for debit.
The BBPS offers integrated and interoperable bill payment service with security, certainty and reliability of transactions.
The service is available in multiple payment modes, online and through a network of agents. An instant confirmation is generated for the bill payments. The BBPS will transform the society from cash to electronic payment system, making it less dependent on cash.
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