Since December 2020, Walmart-backed PhonePe, the market leader in facilitating Unified Payments Interface (UPI) payments, has accounted for roughly half of all consumer transactions on the Bharat Bill Payment System (BBPS) channel.

According to data supplied by the National Payments Corporation of India, the Bengaluru-based fintech company completed 28 million client transactions worth Rs 4,039 crore in the month, with BillDesk in second place completing roughly 9.5 million transactions.

Other major processors in this area include Paytm, HDFC Bank, and Airtel Payments Bank.

BillDesk, Paytm, and Airtel Payments Bank dominated such transactions on the billers' side, with 14.6 million, 8.1 million, and 5.4 million transactions, respectively, according to the data, which was disclosed for the first time.

Comparable data from previous months was not available from NPCI.

BBPS is an interoperable and integrated bill payment system that may be used to pay recurring payments both online and through an agent.

Since 2020, BBPS has gained a lot of traction, notably during the pandemic, as billers encouraged consumers to use it to pay their monthly bills and avoid crowds at payment counters and offices.

According to the data, 58.88 million transactions worth Rs 10,307 crore were conducted in August.

In 2015, the Reserve Bank of India (RBI) established BBPS as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). In April, the payment network was spun off as a distinct company.

On both the biller and client sides, intermediaries known as Bharat Bill Payment Operating Units (BBPOUs) conduct these transactions as authorised operational units.

NPCI has effectively separated its automated billing business by transferring all of its BBPS transaction mandates to a newly formed subsidiary called NPCI Bharat BillPay Ltd (NBBL).

On the platform, all major banks and aggregators, including State Bank of India, HDFC Bank, and BillDesk, are BBPOUs, processing monthly bill payments for thousands of telecoms, gas providers, discoms, educational institutes, and other billers.

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