Mumbai: The Reserve Bank of India on Thursday proposed setting up of an “anytime anywhere” bill payment system, which will allow people to pay all fees, taxes and bills through an integrated platform.
Bill payment is a major component of the retail payment transactions as over 3,080 crore bills amounting to more than Rs 6,00,000 crore are generated each year in the top 20 cities in the country.
Though various forms of payments are accepted, cash and cheque payments continue to be predominant, particularly at the Billers’ Own Collection Point.
The existing systems do not fully address the needs of the consumers/customers to pay a variety of bills including utility bills, school fee, municipal taxes, due to lack of interoperability in the payment processes as well as lack of access to various modes of electronic payments by a vast majority of customers, it said.
Releasing guidelines for Bharat Bill Payment System, the Reserve Bank said the proposed Bharat Bill Payment System will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of ‘anytime anywhere’ bill payment to customers.
According to a statement of the Reserve Bank, the agent collecting the payment as well as the biller who has to receive the payment should be registered with the same operating unit....