NPCI Bharat billpay introduces Unified Presentment Management System (UPMS).
Why in news:
- With an aim to enrich and simplify bill payments in the country, NPCI Bharat BillPay Ltd. (NBBL), the wholly-owned subsidiary of National Payments Corporation of India has introduced a unique functionality called ‘Unified Presentment Management System’ (UPMS).
About Unified Presentment Management System (UPMS).
- UPMS provides a great opportunity for the service providers and fintechs of the digital payments ecosystem to run through this innovative feature in the sandbox environment of BBPS.
- Several Operating Units (OUs) and Technical Service Providers (TSPs) are actively coming forward in the rapid deployment of UPMS.
- NBBL through UPMS will enable the customers to set up standing instructions – from any channel and for any mode on their recurring bill payments.
- The bills will be automatically fetched from the billers and presented to customers for their action, in terms of auto-debit and bill payment management.
- With the UPMS launch, the intent is to enable all the Bharat BillPay Operating Units (BBPOU) to extend this facility to their customers/corporate clients with minimal effort through the centralized infrastructure and application support provided by Bharat BillPay Central Unit(BBPCU).
- UPMS will help in democratizing recurring bill payments and making them further convenient for customers.
Benefits :
- UPMS is a giant leap for the BBPS ecosystem.
- It will enable a common repository of bills and this will ensure the entire bill payment ecosystem gets updated real-time.
- Customers now need not worry about making double payments due to delays in payment confirmation or getting erroneous payment-due reminders.
- UPMS will enhance the efficiency of the current bill payment system by increasing the reliability of the cycle in which the bill is made available to the customers for payment, while also giving them the flexibility to make one time payments or set mandates for recurring payments.
- UPMS will not only help with category expansion but also be yet another solution that can enrich the customer journey.
- The Unified Presentment Management System will add enhanced convenience in the bill viewing as well as payment experience for the customers as it will help them seamlessly create auto-mandates for their upcoming bills.
- For Billers, UPMS eases the operational management of collections while reducing the infrastructure overheads on their systems that come during Billing cycles.
About NPCI:
- National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.
- Headquarters – Mumbai
- MD and CEO – Dilip Asbe
- Non exe chairman -Biswamohan Mahapatra
- An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country.
- It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and NPCI Bharat BillPay Limited (NBBL).
- NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.
- NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy.
- It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
About NPCI Bharat BillPay Ltd.
- NPCI Bharat BillPay Ltd. is a wholly-owned subsidiary of National Payments Corporation of India.
- Came into effect from April 1, 2021, NBBL is growing rapidly on account of the ease and accessibility it offers to the customers and the one-stop solution to Billers for low-cost collections.
- The platform offers 20,000+ billers across multiple banks and non-bank channels.