On the heels of RBI's decision to expand the scope and coverage of BBPS, Infibeam Avenues Limited (Infibeam) (NSE/BSE), a leading provider of digital payments solution and enterprise software platforms, today announced that it has signed-up with the third and one of the India's largest oil & natural gas company - "IOCL" (Indian Oil Corporation Limited). The integration is in process and will soon be made live for customers to book LPG Gas Cylinder across India. Earlier, BillAvenue onboarded Hindustan Petroleum Corporation limited as a first biller to go live under the new LPG category followed by Bharat Petroleum Corporation Limited.
The inclusion of IOCL, BPCL and HPCL in the rapidly growing biller network of Bharat BillPay will enable their consumers to make seamless bookings and payments for LPG cylinders through multiple online channels and offline customer touch points. As a Bharat BillPay operating unit (BBPOU), BillAvenue applies state-of-the-art technological solutions to offer maximum customer convenience and helps generate substantial revenue for its Agent Institutions."
BillAvenue is an operating unit of Bharat BillPay, a unified, interoperable online bill payments platform developed by National Payments Corporation of India (NPCI). BillAvenue has a large network of 200+ agent institutions consisting of 550,000+ agents spread in more than 2600 cities and towns across India. BillAvenue serves more than 30 live billers on its platform including Dish TV, Videocon D2H, Ahmedabad Municipal Corporation, Municipal Corporation of Gurugram and other gas companies namely HPCL, GAIL Gas, Vadodara Gas, Sabarmati Gas and Unique Central Piped Gases among others.
"We are happy to introduce Bharat LPG Gas booking on BBPS for the first time in third party aggregation", said Mr. A.R. Ramesh, Chief, BBPS. "LPG Gas booking is an underserved market as far as digital payments are concerned. Bharat BillPay will give a strong digital push for booking LPG gas at one's own convenience by any Bharat BillPay enabled bank or non-bank channels."
Mr. Vishwas Patel, Executive Director at Infibeam Avenues said, "Infibeam Avenues is excited to onboard India's Three Largest Oil & Natural Gas companies on the Bharat BillPay platform. Our partnership with HPCL, BPCL and now IOCL is another step towards realizing NPCI's vision of simplifying and transforming the way in which bill payments for electricity, gas, water, telecom, and other services is done in India. We have always remained at the forefront of technology development to leverage the latest enhancements in the bill payment eco-system. We will continue to extend our steadfast support to grow the biller and agent network".
Speaking on the occasion, Mr. T. Peethambaran, ED (LPG), BPCL, stated: "At BPCL, we are constantly looking forward to provide our consumers with a smooth and convenient experience while booking their LPG gas cylinders. This venture will ensure hassle-free booking and payment of gas services for millions of BPCL consumers. We are proud to announce our association with BillAvenue, and we seek to leverage the BBPS platform for the benefit of our vast consumer base."
Commenting on the move, an HPCL Spokesperson said: "At HPCL, we are constantly in pursuit of opportunities to make the lives of our valued consumers easier and hassle-free. With this association, our millions of consumers will now be able to book their LPG gas cylinders through innumerable online and offline channels across the country. We are hopeful that our consumers will appreciate the latest development and extensively utilize the same for a smooth and convenient experience."
Shares of Infibeam Avenues Ltd was last trading in BSE at Rs.33.25 as compared to the previous close of Rs. 33.85. The total number of shares traded during the day was 658402 in over 1815 trades.
The stock hit an intraday high of Rs. 37 and intraday low of 32.1. The net turnover during the day was Rs. 22620452.