Paytm Payments Bank said that it has got final RBI approval to operate as a Bharat Bill Payment Operating Unit (BBPOU).
BBPOU may facilitate bill payment services for electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill, and municipal taxes under the Bharat Bill Payment System (BBPS).
The National Payments Corporation of India owns BBPS. So far, Paytm Payments Bank Ltd (PPBL) has been carrying out this operation with RBI’s in-principle approval.
“PPBL has got the final approval from RBI to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007. As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorization to conduct bill payment and aggregation business as a BBPOU,” the company said in a statement.
“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,” a Paytm Payments Bank spokesperson said.