This post will give you a glimpse of EBPP process(which will be defined below) which we commonly use in day-to-day life. For e.g., bill payment through banks(SBI, ICICI) where we login to respective website with valid userid and password and do transaction and banks will notify us through emails. Not only concerned with banks but sites which provide payments, like sites of Insurance Companies, Mutual Funds, Shares etc.. where transactions involve payments.
Traditional consumer bill presentment and payment is a paper-based process that involves presenting the consumer with a paper bill for goods or services previously rendered, which the consumer pays by check. The bill presentment process involves billing operations such as generating, printing, mailing and delivery of bills to the customer.
In contrast to the traditional model, EBPP uses the internet as a speedier and less expensive delivery infrastructure to present bills electronically.
EBPP an acronym, that implies using the Internet to send, receive, and pay bills, this is considered by some people to be the next step in online banking. The convenience factor of an EBPP is often highlighted for the user, but the real winners in this new scenario are the high-volume billers and banks that would save a substantial amount of operating costs by switching from a paper-based system to an electronic system.
Electronic Bill Presentment and Payment provides a way for Paperless billing where the customer can enroll through the Customer Self Service and can login to the application/website specified by the biller and can view his/her account details, payment details, can make payment online. All these helps the biller to directly provide information about the account to the customer without the need of sending them the details explicitly through mails(paper bills) helps in environment friendly approach(Go Green way).
