Indusind Bank taps AEPS to supercharge BBPS Payments

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 Indusind Bank taps AEPS to supercharge BBPS Payments            


Indusind Bank via Press Release dt. 7th July 2021  Announced to the public at large that it is tying up with (TPCODL) TP Central Odisha Distribution Limited to launch a fully digital payment network in the state.



            The objective of the tie-up is to enable TPCODL customers spread across 300 semi-urban and rural regions in Odisha state to pay TPCODL electricity bills without much hassle

            The success of an electricity distribution company largely depends on its ability to collect the bill amounts from its customers in the most efficient manner.

            The quicker an electricity distribution company is able to collect the bill amount, the healthier its cash flow be.

            Consumers may pay the bills in the quickest possible time, if the payment process is smooth with minimal glitches.

            There are multiple touch points - both physical and digital for electricity distribution consumers to pay their electricity bills.

            The challenge for the consumers is the need for 100% assurance that their payments to Electricity distribution companies are accounted correctly, and there will be no nasty surprises.

            That is why still the majority of the bill payments happen at the respective Electricity distribution companies’ counters only.

            The BBPS Channel is emerging as an important tool for collection of Electricity Bills by Electricity distribution companies

            To enable TPCODL customers a friction-less bill payment experience, TPCODL is partnering with Indusind Bank.

            Indusind Bank plans to leverage the vast network of Bharat Money Centres as BBPS collection points.

            Bharat Money Stores will be equipped with AePS enabled devices for collection of bills under BBPS ecosystem.

            Bharat Money Stores – Bharat Money Stores are the brainchild of BFIL and Indusind Bank. BFIL i.e Bharat Financial Inclusion Ltd is a whole owned subsidiary of Indusind Bank. BFIL is the business correspondent of Indusind Bank with footprint in 23 States covering 1,20,000 villages.

            Bharat Money Store is a banking and transaction platform for Kirana merchants in villages where BFIL has a footprint. Through Bharat Money Stores, BFIL aims to offer digital banking services viz cash withdrawals, deposits, loans and now BBPS Collection points.

            Just imagine the scope here, BBPS has more than 20,000 billers on its platform. Bharat Money Stores can act a single point collection for all the 20,000 BBPS billers. Each BBPS transaction is a source of income for the respective Bharat Money Store.

            Each friction-less BBPS bill payment will lead to positive mouth of word publicity, thereby attracting more footfalls to Bharat Money Stores.

            This @ https://bharatmoneystore.in/index.php/bill-payments-recharge-services/ mentions about BBPS channel for payment of bills of BBPS onboarded billers.

            As TPCODL consumers walk in to Bharat Money Stores to pay their TPCODL bills, they will experience the power of BBPS. In case, the first few experiences are awesome, TPCODL customers will be willing to explore the benefits of other bill payments via Bharat Money Stores.

            The more bills are paid at Bharat Money Stores, the more income for the Bharat Money Store agent. A win-win experience for all the participants.

Disclaimer: These are my personal views only. The bottom line is Mission #LessCashNotCashLess only. Nothing more – Nothing less

Though the word BBPS is not mentioned in the Press Release, it will be a sad day, if the bills are not collected though the BBPS Channel.

 

Link to Indusind Bank Press Release - IndusInd Bank partners with TP Central Odisha Distribution Limited to launch a fully digital payment network in the state @ https://www.indusind.com/in/en/about-us/mediabrand/FY/2021-2022/July/IndusInd-Bank-partners-with-TP-Central-Odisha-Distribution-Limited.html

 

 

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