Paytm can facilitate bill payment services for electricity, phone, DTH, water, gas insurance, loan repayments and more.
Paytm Payments Bank said Monday it had received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU).
Under Bharat Bill Payment System (BBPS), BBPOU can facilitate electricity, phone, DTH, water, gas insurance, loan repayment, FASTag recharge, tuition, credit card billing and local tax services.
BBPS is owned by National Payments Corporation of India.
Until now, Paytm Payments Bank Ltd (PPBL) has carried out this activity in principle with the permission of the RBI.
“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 mentioned.