As an initiative towards the enablement of Digital payment services to the customers, the Cosmos Co-operative Bank has enabled the Bharat Bill Payment System (BBPS), informed Bank’s Chairman CA Milind Kale.
BBPS is a Reserve Bank of India (RBI) conceptualized system which offers integrated, accessible & interoperable bill payment services to consumers across geographies with certainty, reliability & safety of transactions which are executed & driven by NPCI.
BBPS facilitates “Any time anywhere bill payment” encompassing more than 150 billers in India. The vision is to get the customers closer to their Billers on a national platform.
Through BBPS, consumers can now pay their Bills via multiple payment channels digitally like Internet Banking, Mobile Banking, Website, etc. or assisted/physical channels like Agent, Bank-Branches & BC network.
Multiple modes of payment like a debit card, credit card, net-banking, prepaid wallets, UPI, AEPS, cash can be enabled for bill payment. Confirmation of payment via an SMS or receipt ensuring trust and reliability is also built into the BBPS, informed CA Kale.
All recurring payments will be a part of Bharat Bill Pay. At present, the utility bills like Electricity, Mobile & Landline postpaid, DTH, Gas Pipe-line & LPG, and Water can be paid through BBPS. Similarly, insurance premiums, mutual funds, school fees, taxes, invoice payments also are covered under this platform, claimed Kale, the Chairman of Cosmos Bank.
Chairman Kale stated that it gives the customers a seamless transaction experience ensuring efficiency, satisfaction and security. The standardization process guarantees quality due to predefined workflows. Multiple number of billers also reduces the operational cost.
The Cosmos Co-operative Bank is a leading bank in the co-operative sector with a business set-up of more than Rs 26500 Crore implementing the latest technology for the benefit of its customers, claimed a press release mailed by the UCB.