9 months ago
NPCI Bharat BillPay targets 1 billion monthly transactions
NPCI Bharat BillPay is a company that helps people pay bills online.
They want to handle 1 billion transactions every month in the next few years.
Right now, they handle 260 million transactions a month.
They have a new system called Banking Connect that makes online banking easier and safer.
This system was launched by the RBI Governor at a big event.
It works with many banks and payment companies.
The new system doesn't have a limit on how much money you can send and it has special safety features.
Many big banks and payment companies are already using it, and more are going to start soon.
NBBL aims to process 1 billion monthly transactions within 3-4 years, up from 260 million currently.
Launched Banking Connect, a netbanking switch to enhance internet banking experience and regulatory oversight.
Banking Connect streamlines integration for banks and payment aggregators, offering a consistent user interface.
The system supports unrestricted transactions with advanced security measures and minimal code changes for merchants.
Already live with major banks like HDFC, ICICI, SBI, and payment aggregators including PayU, Razorpay, and others.
- Who
- NPCI Bharat BillPay (NBBL)
- What
- Targeting 1 billion monthly transactions and launching Banking Connect
- Where
- India
- When
- Over a 3-4 year period, with Banking Connect already live
- Why
- To improve internet banking experience and provide better visibility for regulators
Key facts
- Current Monthly Transactions
- 260 million
- Target Monthly Transactions
- 1 billion
- Timeframe for Target
- 3-4 years
- New Netbanking Switch
- Banking Connect
- Launch Event
- Global Fintech Festival
- RBI Governor
- Sanjay Malhotra
- Live Banks
- HDFC Bank, ICICI Bank, SBI, YES Bank, AU Small Finance Bank, Federal Bank
- Live Payment Aggregators
- Infibeam, PayU, Pinelabs, Cashfree, Razorpay, HDFC Bank Smart Gateway, Zoho, Easebuzz, Juspay, OPEN, SBI ePay
Quotes
Noopur Chaturvedi
MD & CEO of NPCI Bharat BillPay’s (NBBL)
“We want to reach half of the households in the country and process roughly around 3 bills per household, which will take us to the 1-billion monthly target in the next three-four years”
financialexpress.com
Sources
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