NPCI Bharat BillPay has introduced a revamped net banking system designed to make online payments simpler and safer for users. The company is aiming to scale from its current 260 million monthly transactions to 1 billion over the next two to three years, with a target of reaching half of Indian households.
“We do want to reach half of the households and process roughly around three bills per household. That will take us to the 1-billion target monthly bills processed in the next three to four years,” said Noopur Chaturvedi, Managing Director and Chief Executive Officer, NPCI Bharat BillPay.
She also announced a new name and identity for the Bharat Bill Payment System (BBPS) as Banking Connect. The unified and interoperable platform for digital bill payments was launched during the Global Fintech Summit by Sanjay Malhotra, Governor, Reserve Bank of India.
The new app is already live with HDFC Bank, ICICI Bank, State Bank of India, Yes Bank, Federal Bank, and AU Small Finance Bank, as well as payment aggregators including Infibeam, PayU, Pine Labs, Cashfree, Razorpay, HDFC Bank Smart Gateway, Zoho, Easebuzz, Juspay, Open, and SBI ePay.
NetBanking 2.0, or the newly revamped app, aims for simpler and safer online payments by routing users directly to their banking apps or offering a QR code option, removing the need for forgotten IDs and passwords. This mobile-first approach uses AI and ML-driven fraud detection.
Chaturvedi said the current net banking process often pushes users to a webpage requiring an ID and password, which many forget, causing the payment to drop midway. The new system takes customers directly to their banking apps, making the process easier. The platform also adds a dynamic QR-based option, allowing customers to scan and pay using their bank app.
On safety, she said fraud prevention is a key aspect from the beginning, using AI and ML to create fraud management systems that can trigger alerts to banks. A central settlement platform helps detect fraud more easily because it gives a clearer view of activity across the ecosystem.
Customers will have three payment paths: using their bank app, scanning a QR code, or continuing with the existing net banking website for banks yet to migrate. The aim is to offer choice along with clearer information on grievances, chargeback timelines, and merchant settlements.
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