NPCI Bharat BillPay Ltd. (NBBL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), on Thursday, October 19, announced the launch of its services under the Business-to-Business (B2B) category. It will provide businesses value-added services like flexible invoice presentation, complaint management, MIS, etc.
The category is going live for the first time on the MyJio app for the Biller Arzooo with Axis Bank as the Biller Operating Unit (BOU), NPCI Bharat BillPay said in a statement.
Under the B2B category, Bharat BillPay has proposed to onboard sellers (manufacturers, distributors, etc.) as billers and enable their buyers (retailers, shopkeepers, etc.) to pay for the purchased goods/services across Bharat BillPay-enabled channels and modes. Under this category, Bharat BillPay will enable sellers to issue multiple invoices to their buyers. Moreover, the buyers will also have the flexibility to pay one or more invoices in a single transaction.
The platform will offer multiple payment modes like UPI, net banking, cards, wallet, IMPS, cash, etc. along with multiple payment channels like Mobile app, Website, Agent, Branch, etc. In order to cater cashflow needs of the B2B segment, Bharat BillPay will also allow partial payments in this category, it said.
Noopur Chaturvedi, CEO, of NPCI Bharat BillPay said, “Many businesses have historically relied on conventional payment methods, which can at times introduce delays in the flow of goods and payments throughout the sales cycle. Our platform is designed to mitigate these potential delays."
Sunil Kamath, Head – Cash Management, Axis Bank said, “Introduction of B2B payments under BBPS is great step towards Digitization and Democratisation of B2B invoice payments. This will truly revolutionize the way how invoice presentment and settlements are done digitally and facilitate efficiencies across the supply chain."
Rishi Raj Rathore, Co founder, Arzooo said, "This partnership signifies a milestone in simplifying payments for Arzooo's 50,000+ retailer network, contributing to India's digital-first approach to economic growth."
Bharat BillPay offers recurring payment services to customers across several segments. The platform offers 20,000+ billers across multiple banks and non-bank channels and has 900+ Agent Institutions live on the platform.
(Edited by : Anshul)
First Published: Oct 19, 2023 4:23 PM IST
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