NPCI Bharat BillPay (NBBL), the wholly-owned subsidiary of National Payments Corporation of India (NPCI), has introduced the ‘Unified Presentment Management System’ (UPMS) for recurring bill payments.
“UPMS will enable the customers to set up standing instructions from any channel and for any mode on their recurring bill payments,” NPCI said in a statement.
The bills will be automatically fetched from the billers and presented to customers for their action, in terms of auto-debit and bill payment management.
With the UPMS launch, the intent is to enable all the Bharat BillPay Operating Units (BBPOU) to extend this facility to their customers/corporate clients with minimal effort through the centralised infrastructure and application support provided by Bharat BillPay Central Unit (BBPCU), NPCI said.
UPMS will help in democratising recurring bill payments and making them further convenient for customers, it added.
NPCI underscored that UPMS provides a great opportunity for the service providers and fintechs of the digital payments ecosystem to run through this feature in the sandbox environment of the Bharat Bill Payment System (BBPS). Several operating units (OUs) and technical service providers (TSPs) are actively coming forward in the rapid deployment of UPMS, it added.
The statement noted UPMS assumes significance as a majority of the transactions in the new categories under BBPS like mutual funds, insurance, subscriptions, school fee payments, currently happen through presentment and standing instructions.
Numbers show that more than 50 per cent of insurance premium payments and SIPs in mutual funds are processed through standing instructions or auto-debits, and it is expected that all AMCs, insurance companies, and even educational institutes will benefit from this platform, NPCI said.