New Delhi, Aug 19 (IANS) Bharat Connect processed nearly 8 million transactions daily, facilitating 715 million transactions worth Rs 3.14 trillion in FY25 Q3 alone — a 217 per cent year-on-year growth in value over Q3 FY24, a report said on Tuesday.
Designed with inclusion at its core, the platform reaches into rural and underserved regions, erasing gaps where physical collection points are limited, Grant Thornton Bharat said in a report in collaboration with NPCI Bharat BillPay Limited (NBBL).
For millions, it has become a lifeline by bringing the ease of digital bill payments to villages and small towns, where standing in long queues or travelling miles for payments was once routine.
The economic ripple effects have been profound.
In FY24 alone, Bharat Connect contributed 0.38 per cent to India’s GDP, driven by increased efficiency, time savings, and reduced reliance on cash payment, the report stated.
By streamlining payments, it has freed up resources — both human and financial — that are now being channelled into more productive avenues.
“India’s Bharat Connect is a testament to the country’s leadership in digital payment innovation. As a unified, centralised platform, it has not only enhanced trust and accessibility in bill payments but also set a global benchmark,” said Dharmender Jhamb, Partner, Grant Thornton Bharat.
“We believe such models offer a valuable roadmap for economies looking to modernise their financial infrastructure and drive inclusive digital growth,” he added.
Globally, Bharat Connect has emerged as a benchmark.
The reports also compared Bharat Connect with systems like BPAY in Australia and SADAD in Saudi Arabia, highlighting its unique scalability, security, and replicability.
While many countries grapple with fragmented payment landscapes, India has shown what’s possible when unification meets regulation, the report said.
At the heart of this transformation lies technology-led efficiency.
With just a single integration point for billers and service providers, the platform reduces costs, enhances transparency, and ensures compliance with regulatory standards, the report stated.
The result is a seamless ecosystem where trust and innovation go hand in hand.
Operated by NPCI Bharat BillPay Ltd., Bharat Connect processed over 1.3 billion transactions in FY24.
By 2026, it is projected to handle more than 3 billion annually — an achievement that would place it firmly among the world’s most successful centralised bill payment systems, the report highlighted.
–IANS
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