Payworld, an intelligent electronic processing platform for financial transactions, has applied to the Reserve Bank of India to function as an authorised operating unit for Bharat Bill Payment System.

“Having established ourselves firming in the pre-paid instrument space over the past few years, we intend to upgrade to the next level by participating in the electronic bill payment segment. Given our experience in this space, we are hopeful of receiving the authorisation as an operating unit of this new innovative system,” said Praveen Dhabhai, COO of Payworld.

Bharat Bill Payment System (BBPS) is an integrated bill payment system to function as a tiered structure for operating bill payment system in India with a single brand image, providing convenience of 'anytime anywhere' bill payment to customers.

The present scope of BBPS will include utility bill payments such as electricity, water, gas, telephone and Direct-to-Home (DTH) and will be run and managed by National Payments Corporation of India.

According to industry sources, Bharat Bill Payment System is set to transform the C2B (Consumer to Business) payment space. In 2013, RBI had estimated that around 3,080 crore bills per annum were generated amounting to Rs 6,20,000 crore in the top 20 cities of the country. This size is expected to rise to Rs 930,000 crore by 2019.

Currently, bill payment done electronically is 0.5 per cent at Rs 3,300 crore and it is expected to reach Rs 25,000 crore by 2019 constituting 2.7 per cent of the bill payment space by value spurred by consumer adoption of electronic payments and regulatory push through the Bharat Bill Payment System.

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