Data from the Bharat Bill Payment Service says that PhonePe continued its dominance both in the online bill payment system and the United Payment Interface. As per a report by Moneycontrol, the platform had a 50 per cent market share.
“The Bharat Bill Payment System is a Reserve Bank of India (RBI)-conceptualized system driven by the National Payments Corporation of India (NPCI). It is a one-stop ecosystem for the payment of all bills, providing an interoperable and accessible "Anytime, Anywhere” bill payment service to all customers across India,” as per the National Payments Corporation of India.
Billers such as different power companies, water authorities, loan providers, FASTag (toll) payers, broadband providers, and mobile bill payers are some of the billers that BBPS helps with bill payments. Seventy percent of all bill payments on the site, both in terms of volume and value, are made up of loan repayments, FASTags, and electricity.
Previously, billers such as payment gateways, banks, and apps such as Paytm and Freecharge used to onboard the utility billers on their platforms. Now, with the arrival of BBPS, all billers have been moving to the BBPS platform.
Over Rs 33,600 crore worth of bill payment operations were made possible by BBPS in March. In the quarter ending in March of last year, BBPS reported processing an average of 105 million transactions each month, with a total transaction value of approximately Rs 15,000 crore. This year, the value of transactions has more than doubled, despite a mere 30 per cent increase in the number of transactions.
PhonePe announced that 67 million bill payments of Rs 17,800 crore were made using its platform in March. This represents a 49 per cent volume and a 53 per cent value market share. In March, Google Pay held a 21 per cent market share in bill payments, followed by Paytm at 10 per cent, Cred at 4 per cent, and Amazon Pay at 4 per cent.
