RBI Governor Shaktikanta Das launched Bharat BillPay (BBPS) for businesses at the Global FinTech Fest 2024. Developed by the National Payments Corporation of India (NPCI), this product is designed to simplify bill payments for business-to-business (B2B) transactions, providing a unified system that caters to corporations and MSMEs.
Following the launch, PayMate, a B2B payments company and fintech platform Enkash, partnered with NPCI Bharat BillPay Limited (NBBL) to introduce their own BBPS-B2B platform. NPCI emphasized that this development would transform business payments nationwide through a centralized, interoperable platform.
According to Noopur Chaturvedi, CEO of NPCI Bharat BillPay Limited, many businesses still rely on outdated payment methods, causing delays in payment and goods flow throughout the sales cycle. The Bharat BillPay B2B platform aims to address these challenges by allowing sellers to register as billers so buyers, such as retailers, can easily pay for goods and services through various BBPS-enabled channels.
The platform simplifies B2B transactions by digitalizing manual processes and offering features like business onboarding, purchase order creation, invoice management, automated reminders, guaranteed settlement, and online dispute resolution. It aims to streamline the B2B payment process and enhance the services provided by B2B players.
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