Introduction
Defining the success of NPCI's Bharat Bill Payment System (BBPS) requires a comprehensive approach that considers multiple stakeholders and metrics. To address this product success metrics challenge, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.
I'll follow a simple success metrics framework covering product context, success metrics hierarchy, and strategic initiatives.
Step 1
Product Context
BBPS is a unified bill payment system in India that offers interoperable and accessible bill payment services to customers through a network of agents. It enables multiple payment modes and provides instant confirmation of payment.
Key stakeholders include:
- Customers: Seeking convenient and secure bill payment options
- Billers: Looking for efficient collection and reconciliation
- Payment service providers: Aiming to expand their service offerings
- NPCI: Driving financial inclusion and digital payments
User flow:
- Customer selects a biller and enters account details
- System fetches bill information
- Customer chooses payment method and completes transaction
- Real-time confirmation is provided to customer and biller
BBPS aligns with India's broader digital payment strategy, promoting financial inclusion and reducing cash dependence. It competes with direct biller platforms and traditional payment methods, offering a more standardized and interoperable solution.
Product lifecycle stage: Growth phase, with ongoing efforts to expand biller categories and increase adoption.
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