Paytm Payments Bank said on Monday that it has received final approval from the Reserve Bank of India to operate as the Bharat Bill Payments Operating Unit (BBPOU).
Under the Bharat Bill Payment System (BBPS), BBPOU is allowed to facilitate bill payment services for Electricity, Telephone, DTH, Water, Gas Insurance, Loan Payment, FASTag Recharge, Education Fee, Credit Card Bill and Municipal Taxes.
BBPS is owned by the National Payments Corporation of India.
So far, Paytm Payments Bank Ltd (PPBL) has been carrying out this activity under an initial license from RBI.
“PPBL has obtained final approval from RBI to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act 2007. As an entity under the Bharat Bill Payment System (BBPS), PPBL has received final authorization to conduct bill payment and collection of bills,” the company said in a statement. Business as a BBPOU”.
At RBI’s direction, PPBL will display all of the agent organizations on board on its website.
“Our vision is to drive financial inclusion by providing users with greater access to digital services. With this approval, we will increase the adoption of digital payments by postpaid merchants and enable them to conduct 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,” said a Paytm Payments Bank spokesperson.
(Except for the headline, this story was not edited by the Alendronaterx staff and was published from a syndicated feed.)
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