Page 38 - Banking Finance August 2017

ARTICLE

Y Scheduling PUSH and PULL Payments for various pur- check Balance of their linked Bank Account by clicking
poses. "REQUEST BALANCE".
Y Utility Bill Payments, Over the Counter Payments,
Barcode (Scan and Pay) based payments. Bharat Bill Payment System (BBPS):
Y Donations, Collections, Disbursements Scalable. Bill payment is a major component of the retail payment
transactions in
Y Raising Complaint from Mobile App directly.
India, and is
characterized
Bharat Interface for Money (BHIM): by the presence
Bharat Interface for Money (BHIM) is an app that lets us- of large number of billers, who provide a variety of payment
ers make simple, options to their customers. According to information avail-
easy and quick pay- able on the RBI website, the top 20 cities are generating
ment transactions INR 6,223 billion in bill payments every year - and over 70%
using Unified Pay- of these transactions are still predominantly being carried
ments Interface (UPI). Users can easily make direct bank to out by cash or cheques. In addition, the present bill payment
bank payments instantly and collect money using just Mo- infrastructure in India is largely biller-specific in terms of
bile number or Payment address. Service available is as modes of payment accepted and channels supported, and
follows: is still to support an 'anytime anywhere' payment option to
1. Send Money - Using this option, users can send money customers.
to anyone using Virtual Payment Address (VPA), Ac-
count no & IFSC and QR Scan. These opportunities have been identified by various organi-
2. Request Money - Using this option, users can collect zations that have aggregated various billers to provide a
money by entering Virtual Payment Address (VPA). Ad- single platform to make all these payments. As the next
ditionally through BHIM App, one can also transfer logical step in the evolution of the bill payment ecosystem,
money using Mobile No. (Mobile No should be registered there is a need for an integrated bill payment system in the
with BHIM or *99# and account should be linked). country that offers interoperable and accessible bill payment
services to customers through a network of agents, allows
3. Scan & Pay- Using this option, users can pay by scan- multiple payment modes and provides instant confirmation
ning the QR code through Scan & Pay & generate their
of payments.
QR (Quick Response) code.
4. Transactions - Using this option, users can check trans- The Bharat Bill Payment System (BBPS) will function as a
action history and also pending UPI collect requests (if tiered structure for operating the bill payment system in the
any) and approve or reject. Users can raise complaint country under a single brand image. National Payments
for the declined transactions by clicking on Report is- Corporation of India (NPCI) will function as the authorized
sue in transactions. Bharat Bill Payment Central Unit (BBPCU), which will be
responsible for setting business standards, rules and proce-
5. Profile - Using this option, users can view the static QR
dures for technical and business requirements for all the
code and Payment addresses created. Users can also
participants.
share the QR code through various messenger applica-
tions like WhatsApp, Email etc. available on phone and NPCI, as the BBPCU, will also undertake clearing and settle-
can also download the QR code. ment activities related to transactions routed through BBPS.
6. Bank Account - Using this Option, users can see the bank Existing bill aggregators and banks are envisaged to work
account linked with their BHIM App and its PIN status. as Operating Units to provide an interoperable bill payment
Users can set/change their UPI PIN. Users can also system irrespective of which unit has on-boarded a particu-
change the bank account linked with BHIM App by click- lar biller. Payments may be made through the BBPS using
ing Change account provided in Menu. Also they can cash, transfer cheques and electronic modes.

38 | 2017 | AUGUST | BANKING FINANCE

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010