NPCI launches pilot project for Bharat Bill Payment System
Mumbai, August 31, 2016 – RS Software (India) Ltd. (BSE: 517447; NSE:RSSOFTWARE), the leading vertically integrated technology solution provider to the global digital payments industry, has developed the central unit of Bharat Bill Payment System(BBPS) platform for National Payments Corporation of India (NPCI). This opens up large growth opportunity for entrepreneurship in India and leverage ‘bottom of the pyramid’ economy.
BBPS pilot project with 26 Bharat Bill Payment Operating Units was launched today.
This is the second prestigious project after Unified Payment Interface of NPCI with which RS Software is associated.
BBPS is the Reserve Bank of India mandated system which will provide interoperable bill payment services to customers. It is an integrated platform connecting banks and non-bank entities in bill aggregation business like billers, payment service providers, retail bill outlets etc. As on date 62 entities have received in-principle approval from RBI to function as Operating Units (OU), out of which 52 are Banking entities and 10 are Non-Banking entities.
Commenting on the pilot launch, Mr. A P Hota, MD & CEO, NPCI said, “BBPS, in due course of time would link all major billers in the country with all their consumers which will simplify bill presentment and bill payments electronically. Currently the volume of bills being paid by cash is so large that even if 25 percent of the bills get paid electronically, impact would be visibly enormous.”
Speaking on the occasion Mr. Raj Jain, Chairman and Managing Director , RS Software (India) said, “ RS Software is privileged to help build the key foundation of digital payment infrastructure of India. The pilot launch of BBPS is a major achievement, particularly soon after the public launch of Unified Payment interface (UPI) which happened last week. Both UPI and BBPS, together with Aadhaar are the key to achieve Prime minister’s Digital India vision, and RS Software is proud to be associated with this major initiative. This unleashes the power to transform the lives of billion + Indians, and therefore a huge growth opportunity for entrepreneurship”
About RS Software (India):
RS Software (India) Ltd. is a vertically integrated technology solution provider to the electronic payments industry, with focus on building domain leadership from India. The Company operates in four continents, with its US headquarters in Silicon Valley, offices in United Kingdom, Singapore and Corporate headquarters in Kolkata, India. RS Software has been in business for the last two decades providing solutions to Payment Networks, Processors, Acquirers, Issuers, ISOs and other major players in the electronic payments domain.
RS Software integrates knowledge management, innovation and specialised methodologies with 20 years of an exclusive focus on payments to deliver the best-in-class services to a client list that includes the world’s leading payments brands. The company is engaged in offering both vertical and horizontal services customized for the payments industry. With 85% of retail payments still being made with paper money, the company is ideally positioned to build and maintain the core systems infrastructure for the Electronic Payments Industry. The Company is using a spectrum of development tools and methodologies including SSAD/OOAD, classic/relaxed waterfall, classic/relaxed spiral, RUP and agile. RS Software’s knowledge management system, RS School of Payments™ and RS Payments Lab form the foundation of its Global Execution Methodology™ that offers distinct value to all stakeholders of the Payments Industry.
RS Software has built solutions for the introduction of new standards such as EMV and emerging payment areas like mobile and contactless payments, while enhancing the ability of its clients to manage their legacy systems. The domain focus makes RS Software a partner of choice for its customers and an employer of choice for its employees.