NPCI Bharat BillPay Ltd. (NBBL), the wholly-owned subsidiary of National Payments Corporation of India, has introduced an unique functionality called ‘Unified Presentment Management System’ (UPMS).
NBBL through UPMS will enable the customers to set up standing instructions – from any channel and for any mode on their recurring bill payments. The bills will be automatically fetched from the billers and presented to customers for their action, in terms of auto-debit and bill payment management, NBBL said in a statement on Tuesday.
"With the UPMS launch, the intent is to enable all the Bharat BillPay Operating Units (BBPOU) to extend this facility to their customers/corporate clients with minimal effort through the centralized infrastructure and application support provided by Bharat BillPay Central Unit (BBPCU). UPMS will help in democratizing recurring bill payments and making them further convenient for customers," it said.
UPMS provides an opportunity for the service providers and fintechs of the digital payments ecosystem to run through this innovative feature in the sandbox environment of BBPS. Several Operating Units (OUs) and Technical Service Providers (TSPs) are actively coming forward in the rapid deployment of UPMS, it added.
"This service assumes criticality with the undergoing category expansion, as a majority of the transactions in the new categories under BBPS like mutual fund, insurance, subscriptions, school fee payments, currently happen through presentment and standing instructions. Numbers show that more than 50 percent of insurance premium payments and SIPs in mutual funds are processed through standing instructions or auto-debits, and it is expected that all AMCs, Insurance companies, and even Educational Institutes will benefit from this platform," NBBL said.
Ecosystem partners including Axis Bank and IDFC FIRST Bank amongst private banks and PhonePe amongst consumer tech companies are engaged in taking UPMS services to their billers and consumers, while many others are accessing the sandbox as a first step to deployment.
