New Delhi, Aug 19 (NationPress) Bharat Connect has achieved a remarkable feat by processing close to 8 million transactions daily. In the third quarter of FY25, it facilitated 715 million transactions totaling Rs 3.14 trillion, marking a staggering 217 percent year-on-year growth in transaction value compared to Q3 FY24, according to a recent report.

The platform is designed with inclusivity at its core, extending its services to rural and underserved areas, effectively bridging gaps where physical payment collection points are scarce, as detailed in a report by Grant Thornton Bharat in partnership with NPCI Bharat BillPay Limited (NBBL).

For countless individuals, Bharat Connect has become an essential service, simplifying digital bill payments in villages and small towns, eliminating the need for lengthy queues or long-distance travel for payments.

The economic impact has been significant.

In FY24, Bharat Connect accounted for 0.38 percent of India’s GDP, fueled by enhanced efficiency, time savings, and a decreased dependence on cash transactions, as stated in the report.

By optimizing payment processes, it has released resources—both human and financial—that can now be redirected towards more productive endeavors.

“India’s Bharat Connect is a shining example of the nation's leadership in digital payment innovation. As a unified and centralized platform, it not only boosts trust and accessibility in bill payments but also establishes a global standard,” remarked Dharmender Jhamb, Partner at Grant Thornton Bharat.

“We believe that such models provide a crucial blueprint for nations aiming to modernize their financial frameworks and promote inclusive digital growth,” he added.

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

The report also contrasted Bharat Connect with systems like BPAY in Australia and SADAD in Saudi Arabia, underscoring its distinct advantages in scalability, security, and replicability.

While numerous countries contend with fragmented payment systems, India demonstrates the possibilities achievable when unity meets regulation, according to the report.

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

With a single integration point for billers and service providers, the platform minimizes costs, boosts transparency, and guarantees compliance with regulatory measures, as outlined in the report.

The outcome is 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 anticipated to manage more than 3 billion transactions annually—an accomplishment that would firmly establish it among the world’s leading centralized bill payment systems, as highlighted in the report.