By Mohammed Waseem
With the advancement of technology in the bill payment space, developing nations have begun joining the race in the introduction of bill payment technology. India is a developing country, where this is true. The central bank of India, RBI (reserve Bank of India) has plans to centralize bill pay solutions.
The payment process in bill pay would be instituted through a Government Internal Revenue Order (GIRO) based system and all the bills would be payable online. The bills include utility bills, academic fees, insurance premiums and all types of bills. And the payment is made directly to the billers. Typically, users need to either make individual accounts for different billers or set up various methods of payment. Here, one account is all it takes to complete the payment to all the relevant billers.
This makes the process easy and convenient for the billers, as well as the users, reducing the number of accounts they have to manage. To make this project true, RBI is setting up Bharat Bill Payment Services, a nonprofit organization that would list all the billers in one place and enable users to pay all the bills from anywhere in the country. This way, the said entity would have connectivity to all the billers in the country. For the fact that it is an initiative of the central bank of the country, this becomes easier.
Bills can either be paid online or by visiting one of the operating units established under Bharat Bill Payment Services. One aim of the establishment of this service is paperless and hassle-free billing solutions.
It is expected that this service will make the lives of Indians convenient and the use of paper will also reduce, where bills are concerned. This is even truer due to the involvement of the central bank. Apart from avoiding long queues, users can manage their bills from one place. RBI is aiming to create a single window for payment of all bills.