Table of Contents
On the morning of February 20th, 2024, the virtual stage was set for an insightful webinar on “Decoding Bharat BillPay for businesses in India.” The webinar brought together Noopur Chaturvedi, CEO, NPCI Bharat BillPay, Reeju Datta, Co-founder, of Cashfree Payments and Akshi Aggarwal, Product Marketing Manager, Cashfree Payments, to delve into the role and potential of Bharat BillPay (BBPS) in the Indian business landscape.
If you missed the session, take a look at the key takeaways from the discussion:
Celebrating Milestones and Growth:
Noopur Chaturvedi commenced the webinar by highlighting the remarkable journey of BBPS. Bharat BillPay celebrated its 3rd foundation day in December and noted a staggering 5x growth in transactions over the last three years, amounting to an impressive 125 million transactions. Moreover, she emphasized on the expanding categories, indicating that the scope of bill payments via BBPS won’t be restricted by categories anymore.
Navigating Challenges and Innovations Amidst COVID-19:
In response to the challenges posed by the pandemic, BBPS showcased agility by onboarding 100 lenders overnight, with lending witnessing a phenomenal 100x growth. Reeju Datta, Co-Founder of Cashfree Payments, also called out the omnichannel experience provided by BBPS, making it seamless for end consumers to pay across popular apps. The ease of payments across multiple channels anytime, anywhere is truly one of the reasons why more businesses are trusting BBPS to collect payments.
Agility and Compliance:
Noopur emphasized Bharat BillPay’s commitment to compliance, stating that being compliant to any guidelines is a matter of hours, if not days. Biller aggregators like Cashfree implements BBPS’s well-designed platform with ease to ensure easy onboarding, compliance and scalability for businesses.
B2B Solutions and Future Vision:
Noopur discussed the audacious vision of BBPS, envisioning solutions for account receivables and business-to-business transactions. The focus is to alleviate the burden of SMBs in chasing payments, thus enabling them to focus on core business activities.
Partners of growth:
Noopur highlighted how aggregators like Cashfree play a huge role in expanding the reach of BBPS. BBPS expedites the collection cycle, especially in sectors like rental, government, and microfinance institutions (MFIs). Continuous innovations like payment reminders on WhatsApp and voice payments have the potential to change the way payments are made and collected in the next decade.
With Cashfree, businesses can go live as billers on BBPS network within 2-3 weeks and start collecting payments.
Looking Ahead:
As we step into 2024, both speakers expressed optimism about the role of BBPS in shaping the next decade. With a focus on innovation, rebranding, and creating awareness, BBPS aims to be at the forefront of digital payments in India.
In conclusion, the webinar provided valuable insights into the evolving landscape of digital payments in India, with BBPS emerging as a key player driving efficiency, compliance, and innovation across diverse sectors. As businesses embrace digital transformation, BBPS stands as a beacon of reliability and progress, ushering in a new era of financial inclusivity and convenience.
Watch the full webinar here: [Webinar] Decoding Bharat BillPay for businesses in India (youtube.com)
