Paytm Payments Bank Limited gets RBI approval to perform Bharat Bill Payment System services By CIOTechOutlook Team

Paytm Payments Bank Limited gets RBI approval to perform Bharat Bill Payment System services

CIOTechOutlook Team | Monday, 16 January 2023, 10:08 IST

According to the firm, the Reserve Bank of India has given the domestic Paytm Payments Bank Limited final licence to operate as the Bharat Bill Payment Operating Unit under the Payment and Settlement Systems Act, 2007.

The ultimate approval to operate bill payment and aggregation activity as a BBPOU has been granted to PPBL as an organisation under the Bharat Bill Payment System.

PPBL had been carrying out this activity thus far with RBI in-principle approval.

"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.

Being an authorised operating unit, PPBL follows the guidelines established by NPCI Bharat Billpay Limited, the Bharat Bill Payment Central Unit.

In accordance with the RBI's instructions, PPBL will make a concentrated effort to onboard more billers in the authorised categories on the BBPS platform, and it will list all agent institutions that have been onboarded on its website. With this permission, the Bank will be allowed to serve as all billers' single point of contact for both physical and digital payment channels.

With over 1,727 million transactions in December 2022, PPBL remained the largest UPI beneficiary bank for the 19th month in a row, surpassing all major banks in the country.

According to the most recent NPCI statistics, the bank is among the top 10 remitter banks for UPI transactions with 386.5 million registered transactions.

PPBL is a notable issuer and acquirer bank for the FASTag from National Electronics Toll Collection.

PPBL registered 57.13 million transactions as an issuer bank and 47.9 million transactions as an acquirer in November 2022.