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#Discussion(General) [ via IoTGroup ]
This move comes when several major firms have applied for the new umbrella entity (NUE) licence The National Payments Corporation of India (NPCI) spun off its automated enterprise billing operations into a new entity called NPCI Bharat BillPay Limited (NBBL). Bharat BillPay will be NPCI’s second unit after the NPCI had launched an international payments business NPCI International Payments Limited (NIPL) in 2020.
The move to create a separate entity structure could be significant at a time when several major firms in the digital payments ecosystem are gearing up to apply for the new umbrella entity licence to augment NPCI’s UPI system. The companies are looking to set up separate payment networks that are likely to be geared towards monetisation and revenue generation unlike the current non-profit model of the NPCI. Currently digital payments in India are dominated by NPCI systems such as UPI Aadhaar-enabled payments real-time gross settlement FasTAG and others. NPCI was set up by the RBI and the Indian Banks Association (IBA) in 2008 as a non-profit entity. Separating the billing business into a new entity will allow NPCI to scale up this particular aspect of its operations and better manage the unit that seems to have the biggest long-term potential at the moment.
Bharat bill payments operating units or BBPOUs are entities that have received authorization from the RBI to allow bill payments and aggregation business through the Bharat BillPay platform. These entities process monthly bills for a wide variety of services such as electricity telecom satellite TV connections cooking gas school fees water bill and municipal taxes as well as FASTag recharge loan repayments insurance premium payments registered housing society bills subscription fees for digital platforms as well as bills for credit cards hospitals clubs and associations. Bharat BillPay is essentially an inter-operable bill payments platform that acts as an intermediary for banks fintech firms payment
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