BENGALURU: The Reserve Bank of India (RBI) on Friday proposed to enable the Bharat Bill Payment System (BBPS) to accept cross-border inward bill payments. This move will enable non-resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India.
RBI Governor Shaktikanta Das said this will greatly benefit the senior citizens in particular.
The BBPS is an interoperable platform for standardised bill payments. This has transformed the bill payment experience for users in India. Over 20,000 billers are part of the system, and more than 8 crore transactions are processed on a monthly basis, the RBI said.
"This is an important step toward making BBPS a global Bill Payment system. Similar to the global adoption initiatives of UPI by various governments, this will promote the adoption of BBPS by global bill payment ecosystems," said Dileep Seinberg, founder and CEO, MuffinPay.
What the RBI-led NPCI has accomplished with the BBPS will pave the way for the next stage in the development of a global powerhouse of bill payment systems, provided that we are able to integrate global billers onto a single platform, Seinberg added.
MuffinPay enables the BBPS system through its platform. At present, BBPS is accessible only for Indian residents.