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Significant Growth in Digital Transactions

New Delhi, Aug 19: Bharat Connect has seen a staggering increase, processing nearly 8 million transactions each day. In the third quarter of FY25, it facilitated 715 million transactions valued at ₹3.14 trillion, marking a 217% rise in transaction value compared to the same period in FY24, according to a recent report.

The platform is designed with inclusivity in mind, reaching rural and underserved areas, effectively bridging the gap where physical payment locations are scarce, as noted in a report by Grant Thornton Bharat in partnership with NPCI Bharat BillPay Limited (NBBL).

For countless individuals, Bharat Connect has become essential, simplifying digital bill payments in villages and small towns where long queues and extensive travel for payments were once commonplace.

The economic impact has been significant.

In FY24, Bharat Connect accounted for 0.38% of India's GDP, driven by enhanced efficiency, time savings, and a decreased dependence on cash transactions, the report indicated.

By optimizing payment processes, it has liberated both human and financial resources, redirecting them towards more productive uses.

"India’s Bharat Connect exemplifies the nation’s leadership in digital payment innovation. As a centralized platform, it has not only improved trust and accessibility in bill payments but also established a global standard," stated Dharmender Jhamb, Partner at Grant Thornton Bharat.

"We believe that such models provide a valuable framework for economies aiming to modernize their financial systems and promote inclusive digital growth," he added.

On a global scale, Bharat Connect has set a benchmark.

The report also drew comparisons between Bharat Connect and systems like BPAY in Australia and SADAD in Saudi Arabia, emphasizing its unique scalability, security, and potential for replication.

While many nations struggle with fragmented payment systems, India has demonstrated what can be achieved through unification and regulation, according to the report.

At the core of this transformation is technology-driven efficiency.

With a single integration point for billers and service providers, the platform minimizes costs, boosts transparency, and ensures adherence to regulatory standards, the report highlighted.

This has resulted in a seamless ecosystem where trust and innovation coexist.

Managed by NPCI Bharat BillPay Ltd., Bharat Connect processed over 1.3 billion transactions in FY24.

By 2026, it is expected to manage more than 3 billion transactions annually, positioning it among the world’s leading centralized bill payment systems, the report concluded.