Digital Banking service Paytm Payments Bank said it received final approval from the Reserved Bank of India (RBI) to work as the Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.
The Paytm Payments Bank will be able to operate the bill payment and aggregation business as Bharat Bill Payment Operating Unit under the Bharat Bill Payment System (BBPS). For the unaware, Bharat Bill Payment System is owned by the National Payments Corporation of India (NPCI).
“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,” said a Paytm Payments Bank spokesperson.
Bharat Bill Payment Operating Unit provides bill payment services in the country for electricity, phone recharge, DTH recharge, water, gas insurance, loan repayments, FASTag recharge, education fee payments, credit card bills, municipal taxes, and more.
As per Reserve Bank of India instructions, Paytm Payments Bank will display all agent institutions on its website and provide bill payments.
(With inputs from PTI)