Which statement correctly reflects the feature of BBPS?

Solution

The Bharat Bill payment system is a Reserve Bank of India (RBI) conceptualised system driven by National Payments Corporation of India (NPCI). It is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “Anytime Anywhere” Bill payment service to all customers across India with certainty, reliability and safety of transactions. In short, we can say that BBPS is an interoperable platform for recurring bill payments operated by the National Payments Corporation of India (NPCI). It offers interoperable bill payment service to customers online as well as through a network of agents on the ground. The system will provide multiple payment modes and instant confirmation of payment. It was piloted in 2016 and went live a year later. By 2019, BBPS onboarded all recurring payments. Bharat Bill Payment System is offering one-stop bill payment solution for all recurring payments with 200+ Billers in the categories Viz. Electricity, Gas, Water, Telecom, DTH, Loan Repayments, Insurance, FASTag Recharge, Cable etc. across India. The payments solution is aimed at making bill payments a round-the-clock option and in any mode . An effective mechanism for handling consumer complaints has also been put in place to support consumer regarding any Bill related problems in Bharat BillPay