Bharat Bill Payments (BBPS), the platform constructed via way of means of the National Payments Corporation of India (NPCI) to digitize the country’s massive software invoice bills market, is now increasing the number of getting used for mortgage payments and clearing credit card dues.

The manner application payments get generated for purchasers each month, EMI (equated month-to-month installment) is generated each month on a particular date for borrowers. The client can use any mode of fee to clean the EMI due, and that is why the BBPS platform is speedy rising as a famous tool.

A bulk of the mortgage repayments--like domestic and car loans--are being performed via the mandate primarily based totally device which ‘auto-debits’ the financial institution account on a selected day. But many small-ticket-length loans want guide repayments. Many customers no longer position their credit score playing cards on car-debit mandates, and it’s this segment of the populace that is locating comfort in the use of the BBPS platform.

While non-banking finance companies (NBFCs) have been the primary ones to begin the use of BBPS to ship charge series requests to purchasers for his or her month-to-month EMIs, now big banks are leaping directly to this bandwagon.

Data indicates that non-public area creditors like Axis Bank, ICICI Bank, IndusInd Bank, and Kotak Mahindra Bank use BBPS for mortgage recovery, interest payments, and others. Many are the use of the platform for credit score card payments to a few banks have additionally begun out credit score card bills through BBPS.

Noopur Chaturvedi, chief executive officer, of NPCI Bharat Billpay, says, “Banks leverage the BBPS platform for their loan repayments, FASTag recharges, and now they are using us for credit card repayments too. While most of the large banks have gone live already, many others are in the pipeline.”