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Mahagram, TJS Bank partner to integrate Bharat Bill Payment System
Mahagram, a rising FinTech company announced its partnership with Thane Janta Sahakari Bank Ltd. (TJS Bank) for integrating the Bharat Bill Payment System (BBPS).
New Delhi: Mahagram, a rising FinTech company announced its partnership with Thane Janta Sahakari Bank Ltd. (TJS Bank) for integrating the Bharat Bill Payment System (BBPS).
This follows the amalgamation of Mahagram's payment services with the BBPS monitored by the National Payment Corporation (NPCI).
Mahagram has a digital financial services platform known as "eGramTM" that has brought a payment revolution by delivering an integrated range of services on a robust transaction platform. Aiming at BBPS, Mahagram is trying to resolve difficulties by assisting in a number of services to people's doorsteps. Like digital payment industry it offers services to help India go cashless.
"We are happy to associate with BBPS, because Digital Payment is not just a transaction nowadays. It's the user experience that matters. Multiple billers, multiple payment options on one single window - Bharat Bill Payment System has it all covered. So one can easily pay electricity, telecom, DTH, gas, water bills, etc. through a single window, without any hassle. There are 60 million people with disabilities in India. How do we extend digital dividends to them? Retail Assisted eCommerce would definitely help," said Mahagram founder and CEO, Ram Shriram.
For the unversed, the BBPS is a Reserve Bank of India (RBI)-conceptualised system driven by the NPCI, and is a one-stop payment platform for all bills, providing an interoperable and accessible bill payment service to all customers across India with certainty, reliability and safety of transactions.
NPCI will act as an authorised India Bill Payment Central Unit (BBPCU), which will be accountable for laying the foundations of business standards, rules and procedures for all participants assisting technical and business needs. BBPS will cover repetitious payments for any category of everyday utility services.
BBPS has multiple modes of payment. It provides instant confirmation of payment via SMS or receipt. BBPS offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills, etc. through a single window. Further, they are planning to expand their categories to insurance premium, mutual funds, school fees, institution fees, credit cards, local taxes, and invoice payments. An effective mechanism for handling consumer complaints has also been put in place to support consumer regarding any bill related problems in BBPS.
