Paytm Payments Bank on Monday said that it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operation Unit ( BBPOU ).
Bharat Bill Payment System (BBPS) allows BBPOUs to pay electricity, phone, DTH, water, gas insurance, loan repayment, fastag recharge, education fees, credit card bills and municipal taxes. BBPS is owned by National Payments Corporation of India.
Paytm got approval from RBI
Till now Paytm Payments Bank Limited (PPBL) was providing such services under in-principle approval from RBI. The company said in a statement that PPBL has received final approval from RBI to operate as a Bharat Bill Payment Operation Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.
Under the Bharat Bill Payment System (BBPS), a BBPOU is permitted to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayment repayment, FASTag recharge, education fee, credit card bill and municipal taxes Is.
Users will get this kind of benefit
Under the guidance of RBI, PPBL will display all the Agent Institutes on its website. Paytm Payments Bank spokesperson said that our vision is to promote financial inclusion by providing users with greater access to digital services. With this approval, we will further enhance 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 take advantage of automatic payment and reminder services.
