The NPCI Bharat BillPay Ltd. (NBBL), the wholly owned subsidiary of National Payments Corporation of India has introduced ‘Unified Presentment Management System’ (UPMS) to simplify bill payments.
- Under this system, the bills will be automatically fetched from the billers and presented to customers for their action.
- The customers can then set up instructions for auto-debits for recurring bill payments. Thus, UPMS will help in democratizing recurring bill payments and making them further convenient for customers
- 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.
Immediate Payment Service
- Offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS.
- The per transaction limit on IMPS is Rs. 5 lakhs