Revolutionary B2B Services Launched by NPCI's Bharat BillPay for Effortless Business Transactions

NPCI Bharat BillPay Ltd. (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), is stepping into the B2B domain, providing a comprehensive suite of services to facilitate business payments and collections. This strategic move aims to offer businesses a more streamlined approach to financial transactions and management.

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NPCI Bharat BillPay Ltd. (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), is stepping into the B2B domain, providing a comprehensive suite of services to facilitate business payments and collections. This strategic move aims to offer businesses a more streamlined approach to financial transactions and management.

This latest development marks the first introduction of the Business-to-Business (B2B) category, which will be accessible through the MyJio app, with Axis Bank serving as the Biller Operating Unit (BOU). The offering includes various value-added services such as flexible invoice presentation, complaint management, and management information systems (MIS), enhancing overall business efficiency.

In the B2B category, Bharat BillPay plans to onboard various sellers, including manufacturers and distributors, as billers. This move will enable buyers, such as retailers and shopkeepers, to conveniently settle their payments for purchased goods and services via Bharat BillPay's numerous channels and modes. Additionally, the platform will empower sellers to issue multiple invoices to their buyers, granting flexibility in settling invoices in a single transaction.

Bharat BillPay's B2B services offer a wide array of payment modes, encompassing UPI, net banking, cards, wallets, IMPS, and even cash. The platform's users can choose from multiple payment channels, including mobile apps, websites, agents, and branches. Furthermore, to accommodate the cash flow requirements of the B2B sector, Bharat BillPay will allow partial payments in this category.

NPCI Bharat BillPay's CEO, Noopur Chaturvedi, highlighted the significance of this launch, emphasizing that it eliminates potential delays caused by conventional payment methods within the business cycle.

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Axis Bank's Head of Cash Management, Sunil Kamath, praised the introduction of B2B payments under BBPS, describing it as a monumental step towards digitization and democratization of B2B invoice payments. This innovative approach is set to revolutionize the digital process of invoice presentation and settlements, bringing efficiency to the entire supply chain.

Rishi Raj Rathore, Co-founder of Arzooo, recognized this partnership as a milestone in simplifying payments for Arzooo's extensive retailer network, aligning with India's digital-first approach to economic growth.

In summary, Bharat BillPay's foray into the B2B segment is poised to significantly enhance business payment and collection processes, benefiting both sellers and buyers in various industries. The new offering integrates modern payment methods and channels, ultimately contributing to the digitization of India's business landscape.