BANKING AFFAIRS

Detailed explanation-1: -Launched in 2017, Bharat Bill Payment System is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “anytime anywhere” Bill payment service to all customers across India with certainty, reliability and safety of transactions.

Detailed explanation-2: -Online bill pay is an electronic payment service offered by many banks, credit unions and bill-pay services. It allows consumers to make one-time or recurring bill payments through a website or app. Consumers may also be able to schedule future payments.

Detailed explanation-3: -Different Payment Modes The payment modes options facilitated under the ecosystem are Cards (Credit, Debit and Prepaid), NEFT Internet Banking, UPI, Wallets, Aadhar based Payments and Cash.

Detailed explanation-4: -RBI says it will make the platform accessible to a wider set of individuals and businesses. The scope of the Bharat Bill Payment System (BBPS) will soon be expanded to include all categories of payments and collections, both recurring and non-recurring in nature, according to RBI.

Detailed explanation-5: -What is the Bharat Bill Payments System? It is an integrated bill payment system or a platform which acts as a connect between various billers and users. The Bharat Bill Payment System offers customers the convenience of payment by cataloguing various utility providers under one platform.