Bharat Billpay eyes a space in P2P and government pay

economictimes.indiatimes.com:

Bharat Billpay is preparing to enter into person to person (P2P)-based transactions, expanding into a completely new sector beyond its core bill payments business.

After the Reserve Bank of India said in December last year that Bharat Billpay can expand into new payment modes across both recurring and non recurring payments, the newly-formed company wants to go after both government payments and P2P transactions.

“We intend to enable all kinds of collection payments, and become the defacto collections platform across use cases. With BBPS it does not matter whether one uses a credit card or UPI or a debit card or even cash to make a transaction — we are truly mode agnostic,” said Noopur Chaturvedi, chief executive officer of NPCI Bharat Billpay.

Chaturvedi joined Bharat Billpay in August 2021.

Prior to that she was with digital payments major PayU and Airtel Payments Bank.

«We are still in the early stages of creating individual's collections like rent, business collections solutions and others, but we are looking to co create these products with ecosystem partners,” she told ET..

Any form of mandate-based payments can move into the BBPS ecosystem. While bill payments, credit card payments and others were the first products, eventually the plan is to get into all forms of business to business payments, consumer to government payments and even P2P transactions.

One category that is doubling year-on-year for BBPS is loan repayments.

Chaturvedi pointed out that multiple digital lenders are using the mandate structure of BBPS to initiate EMI payments every month. Such transactions just need an explicit consent from the user and the transaction gets done smoothly.