Bengaluru, 4 September 2024: Bharat Connect, formerly known as Bharat BillPay, reached a significant milestone by processing over 216 million transactions in August 2024, with the total value exceeding ₹85,000 crores ($10+ Billion). This underscores the platform’s rapid growth as well as robustness, as it now averages over 7 million transactions per day, exceeding ₹2,500 crores daily.
Compared to August 2023, Bharat Connect has more than doubled the number of transactions, with a 250+% year-on-year increase in transaction value.
Bharat Connect offers an interoperable platform for consumers to make both recurring and non-recurring payments, including electricity bills, credit card payments, loan EMI repayments, and more.
Last week, at the Global Fintech Festival 2024, Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, announced the expansion of Bharat Connect services through ‘Bharat Connect for Business’ to cater to business enablement platforms, streamlining B2B payments and collections. Furthermore, the new identity of Bharat BillPay, “Bharat Connect,” was officially announced at GFF’24 by Shri Vivek Deep, Executive Director of Reserve Bank of India (RBI), that encapsulates platform’s comprehensive role and capabilities.
