PayU India has received the in-principal approval given by the Reserve Bank of India to set up and operate Bharat Bill Payment System (BBPS).
The company in a statement said, it has been listed amongst the first non-bank entity that has been grated this license out of the total of 62 non-bank entities that applied for the said license.
BBPS is an is an integrated bill payment system in India, offering interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment.
Shailaz Nag, COO and Co-founder, PayU India, said, “PayU is very hopeful about the prospects of BBPS. With BBPS, customers would be presented with the opportunity of easy bill payments for almost all Billers in the country. PayU would ensure that the most convenient and best in class user experience is delivered to its customers, thus encouraging more people to transact online. With the provisions of BBPS, PayU believes more serious players will apply for authorization to work as BBPOU with RBI. Further admittance of prominent industry players in the business will only enhance the country’s payment ecosystem.”