Bharat Connect, formerly known as Bharat BillPay, processed over 216 million transactions worth more than Rs 85,000 crore in August. It has more than doubled the number of transactions, with an over 250% year-on-year increase in transaction value last month, according to a release.
"This underscores the platform's rapid growth as well as robustness, as it now averages over 7 million transactions per day, exceeding Rs 2,500 crore daily," it said.
The firm offers an interoperable platform for consumers to make recurring and non-recurring payments, including electricity bills, credit card payments and loan-equated monthly installment repayments.
At the Global Fintech Festival 2024, RBI Governor Shaktikanta Das said the expansion of Bharat Connect services through 'Bharat Connect for Business' would serve business enablement platforms, streamlining business-to-business payments and collections.
Bharat Connect was officially announced at GFF 2024 by Vivek Deep, the executive director of the Reserve Bank of India.
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