Paytm Payments Bank Ltd (PPBL) has received final approval from the Reserve Bank of India (RBI) to operate as a Bharat Bill Payment Operating Unit (BBPOU). Till now, Paytm Payments Bank has been undertaking this activity under in-principle authorisation from RBI.
Under RBI’s guidance, PPBL will display all agent institutions onboard on its website. BBPS is owned by the National Payments Corporation of India (NPCI).
Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment of services including electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes.
A PPBL 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.”