RS Software (India) Ltd. (BSE: 517447; NSE:RSSOFTWARE), the leading vertically integrated technology solution provider to the global digital payments industry, has developed the central unit of Bharat Bill Payment System(BBPS) platform for National Payments Corporation of India (NPCI). This opens up large growth opportunity for entrepreneurship in India and leverage ‘bottom of the pyramid’ economy.
BBPS pilot project with 26 Bharat Bill Payment Operating Units was launched today.
This is the second prestigious project after Unified Payment Interface of NPCI with which RS Software is associated.
BBPS is the Reserve Bank of India mandated system which will provide interoperable bill payment services to customers. It is an integrated platform connecting banks and non-bank entities in bill aggregation business like billers, payment service providers, retail bill outlets etc. As on date 62 entities have received in-principle approval from RBI to function as Operating Units (OU), out of which 52 are Banking entities and 10 are Non-Banking entities.
Commenting on the pilot launch, Mr. A P Hota, MD & CEO, NPCI said, “BBPS, in due course of time would link all major billers in the country with all their consumers which will simplify bill presentment and bill payments electronically. Currently the volume of bills being paid by cash is so large that even if 25 percent of the bills get paid electronically, impact would be visibly enormous.”
Speaking on the occasion Mr. Raj Jain, Chairman and Managing Director , RS Software (India) said, “ RS Software is privileged to help build the key foundation of digital payment infrastructure of India. The pilot launch of BBPS is a major achievement, particularly soon after the public launch of Unified Payment interface (UPI) which happened last week. Both UPI and BBPS, together with Aadhaar are the key to achieve Prime minister’s Digital India vision, and RS Software is proud to be associated with this major initiative. This unleashes the power to transform the lives of billion + Indians, and therefore a huge growth opportunity for entrepreneurship”