The Reserve Bank of India (RBI) has expanded the Bharat bill payment system. This will facilitate the recharge of the prepaid mobile phone.
New Delhi, June 15: If you are a prepaid phone user, this is important news for you. The Reserve Bank of India (RBI) has expanded the Bharat bill payment system to include prepaid mobile recharge in the form of bills. This is likely to help billions of prepaid phone service users in the country. Expansion of BBPS in September 2019, to all categories of billers (excluding prepaid mobile recharges) billed monthly (Billing Company) as eligible participants on a voluntary basis.
What are the previous rules?
Earlier, the facility of paying bills through BBPS every month or after a certain period of time was available in only five divisions. These services include direct to home (DTH), electricity, gas, telecommunications and water. In a prospectus, the Reserve Bank said, “BBPS has decided to offer “Prepaid Mobile Recharge” on a voluntary basis in BBPS Biller status due to a regular increase in the variety of bill types and to provide more options for mobile recharge to prepaid customers.”
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Prepaid phone save 110 users share
India had Rs 110 crore users for its prepaid phone service in December 2020. The Reserve Bank of India said it will be implemented on or before August 31. BBPS is an integrated bill payment system that provides customers with an interoperable online as well as offline bill payment service through a network of agents. This means that we can pay the monthly bills for our daily use services using this system. Like the electric bill, the water bill. BBPS operates under the supervision of the National Payments Corporation of India (NPCI).
India has the highest number of prepaid phone users. Therefore, this Reserve Bank decision will benefit the users. Also, this decision will speed up transactions and save time. Moreover, the availability of Bharat Bill Payment System (Bharat Bill Payment System) will bring convenience to the rural users as it will reduce the hassle. Now, if customers pay their regular bills from an app, the new RBI rules will allow them to pay in prepaid cell phones from the same app.
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