TJSB Sahakari Bank and Mahagram are all set to launch BBPS on 15000 touch points across India.
Mahagram ties up with TJSB Sahakari Bank Ltd. for BHARAT BILL PAYMENT SYSTEM (BBPS)
Mahagram is Agent Institution (AI) registered on NPCI's BBPS platform under TJSB Sahakari bank Ltd (BBPOU) and a rising fintech company of the country focusing on financial inclusion & assisted ecommerce and banking, has successfully tied up with TJSB Sahakari Bank Ltd. for Bharat Bill Payment System (BBPS). The company has announced it after amalgamating its payment services with the Bharat Bill Payment System (BBPS) monitored by National Payment Corporation (NPCI). Mahagram has a digital financial services platform known as "eGramTM" that has brought a payment revolution by delivering an integrated range of services on a robust transaction platform. Aiming at BBPS, Mahagram is trying to resolve difficulties by assisting in a number of services to people's doorsteps. Like digital payment industry it offers services to help India go cashless.
The Bharat Bill Payment System is a Reserve Bank of India (RBI) conceptualized system driven by National Payments Corporation of India (NPCI). It is a one-stop payment platform for all bills, providing an interoperable and accessible bill payment service to all customers across India with certainty, reliability and safety of transactions. NPCI will act as an authorized India Bill Payment Central Unit (BBPCU), which will be accountable for laying the foundations of business standards, rules and procedures for all participants assisting technical and business needs. BBPS will cover repetitious payments for any category of everyday utility services.
BBPS has multiple modes of payment. It provides instant confirmation of payment via SMS or receipt. BBPS offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills, etc. through a single window. Further, they are planning to expand their categories to insurance premium, mutual funds, school fees, institution fees, credit cards, local taxes, invoice payments, etc. An effective mechanism for handling consumer complaints has also been put in place to support consumer regarding any bill related problems in BBPS.
Speaking on the advancement, Mr. Ram Shriram, Founder & CEO, Mahagram said, "We are happy to associate with BBPS, because Digital Payment is not just a transaction nowadays. It's the user experience that matters. Multiple billers, multiple payment options on one single window - Bharat Bill Payment System has it all covered. So one can easily pay electricity, telecom, DTH, gas, water bills, etc. through a single window, without any hassle."
He added, "There are 60 million people with disabilities in India. How do we extend digital dividends to them? Retail Assisted eCommerce would definitely help."
Adding on it Mr Laxman Rao, Chairman, Mahagram said, "The government will always play a huge role in solving big problems by setting public policies. Bharat Bill Payment System is one such policy-making that makes the bill payments easy and fairly priced.
Mahgram is Mumbai based 'Fintech' startup. It is a tech driven company focusing on alternate payments technologies. By partnering with banks and financial institutions providing hundreds of millions of Indians who are underbanked and who do not have the capability to resolve basic banking services and government schemes. The objective is to help customers with travel costs, retails and financial services through the internet. They help government and its local government bodies with automated and computerized certificate issuance & Tax/Cess collection. Their mission is to entitle every Indian with an easy means of approach to digital payments.
With this payment gateway and easily accessible usage, people of rural and semi-rural areas across India can leverage upon the offered facilities. The purpose of Mahagram is to make it easy for customers who are under no-data connectivity or still using old feature phones. This initiative is sure to act as a major catalyst for digital payments a big leap towards Digital India.
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