Now BBPS offer interoperable payment system for internet banking

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Now BBPS (also called NBBL) offer interoperable payment system for internet banking:

RBI gives approval to NPCI to launch interoperable payment system for internet banking in CY24

The Reserve Bank of India (RBI) Governor Shaktikanta Das on March 4 said the central bank has given approval to NPCI Bharat BillPay Ltd (NBBL) to launch interoperable payment system for internet banking to facilitate quicker settlement of funds for merchants.

The Governor said the launch of this facility will be done this calendar year.

“We have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd (NBBL),” Das said at the Digital Payments Awareness Week celebrations at RBI in Mumbai.

This measure will further boost the user confidence in Digital Payments. As a regulator, we are committed to play our part in India’s journey in digital payments, Das said.

Further, the governor urged all stakeholders like industry, payment system operators, media, digital payment users, and others to take up the responsibility of fulfilling the mission of ‘Har Payment Digital’.

Das said that internet banking is one of the oldest modes for online merchant payment transactions. It is a preferred channel for payments like
income tax, insurance premium, mutual fund payments, ecommerce, etc.

He added at present, such transactions processed through Payment Aggregators (PAs) are not interoperable, i.e., a bank is required to separately integrate with each PA of different online merchants.

As a result, if a customer wants to make payment from his bank account to a certain merchant, the merchant’s PA and customer’s bank must have an arrangement. Given the multiple number of payment aggregators, it is difficult for each bank to integrate with each PA, Das added.

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