Tuesday, April 23, 2024
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Paytm Payments Bank, one of India’s leading digital payments companies, has received final approval from the Reserve Bank of India (RBI) to operate as a Bharat Bill Payment Operating Unit (BBPOU). This move will allow Paytm to facilitate bill payment services for a wide range of services, including electricity, phone, DTH, water, gas, insurance, loan repayments, FASTag recharge, education fees, credit card bills and municipal taxes.

The Bharat Bill Payment System (BBPS) is owned by the National Payments Corporation of India, and Paytm has been undertaking this activity under in-principle authorisation from the RBI. With the final approval, Paytm will now be able to conduct bill payment and aggregation business as a BBPOU.

Under the guidance of the RBI, Paytm will display all agent institutions onboard on its website, ensuring transparency and ease of access for customers. A Paytm Payments Bank spokesperson said, “Our vision is to drive financial inclusion by offering users greater access to digital services. With this approval, we will further increase the adoption of digital payments by merchant billers and enable them with secure, fast and convenient transactions. Through the Paytm app, users can make convenient payments for their bills and benefit from automatic payment and reminder services.”

This move is expected to increase the adoption of digital payments in India, providing users with an easy, secure and convenient way to make payments for a wide range of services. The Paytm app is already widely used in India and this new feature will further increase the app’s utility and convenience for its users.

The move comes at a time when the Indian government is pushing for a cashless economy, and companies such as Paytm are at the forefront of this effort. The BBPOU license will allow Paytm to further expand its reach and offer more services to customers, as well as increase the adoption of digital payments among merchants and billers.

“The BBPOU license is a significant milestone for Paytm Payments Bank and will enable us to offer a wider range of services to our customers,” said Renu Satti, Managing Director and CEO of Paytm Payments Bank. “We are committed to driving financial inclusion and empowering the unbanked and underbanked segments of our population with secure and convenient digital payment options.”

The Bharat Bill Payment System was launched in 2017 as a way to make bill payments more accessible to customers, especially those in rural and semi-urban areas. It allows customers to make payments through various channels, including online, mobile and offline, and offers a unified view of all bills and payments made.

With the BBPOU license, Paytm is now able to offer bill payment services to a wide range of customers and merchants, including small businesses and individuals. This will not only drive financial inclusion but also make it easier for people to access and use digital payments.

The company’s goal is to make digital payments accessible to all, and this move is expected to be a big step in achieving that. Paytm plans to leverage its extensive network of agents and merchants to increase the adoption of digital payments and bring more people into the formal financial system.

Overall, the final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit is a major milestone for Paytm Payments Bank, and is likely to drive the adoption of digital payments in India. This move is expected to help the company to further expand its reach and offer more services to customers, as well as increase the adoption of digital payments among merchants and billers.

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