Paytm Payments Bank Limited (PPBL) received final approval from the Reserve Bank of India to operate as Bharat Bill Payment System services under the Payment and Settlement Systems Act, 2007, said a press release on Monday.
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. PPBL had been undertaking this activity so far under in-principle authorisation from RBI.
Being an authorized operational unit, PPBL works in adherence to the standards set by Bharat Bill Payment Central Unit (BBPCU) i.e., NPCI Bharat Billpay Limited (NBBL).
Under RBI's guidance, PPBL will display all Agent institutions onboarded on its website and make concerted efforts to onboard more billers in the approved categories on the BBPS platform.
This approval enables the Bank to become the single point of access to all billers on all payment channels - digital and physical.
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."
Conceptualised by RBI, BBPS is a one-stop ecosystem driven by NPCI that provides an interoperable and accessible bill payments service including electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes. With Paytm, users can pay for services in a seamless, secure and superfast manner.
PPBL remained the largest UPI beneficiary bank for 19 months in a row with over 1,727 million transactions in December 2022, ahead of all major banks in the country. With 386.5 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions according to NPCI's latest report. PPBL is one of the leading issuer and acquirer bank for National Electronics Toll Collection (NETC) FASTag. As an Issuer Bank, PPBL registered 57.13 million transactions and as an acquirer, it registered 47.9 million transactions in November 2022.
( With inputs from ANI )
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