Payment solutions providers Oxigen Services and PayU India on Monday received in-principle approval from the Reserve Bank of India (RBI) to set up and operate Bharat Bill Payment System (BBPS).
“With BBPS, customers would be presented with the opportunity of easy bill payments for almost all billers in the country … With the provisions of BBPS, PayU believes more serious players will apply for authorisation to work as Bharat Bill Payments Operating Unit (BBPOU) with the RBI,” said PayU India co-founder Shailaz Nag in a statement.
Integrated bill payment system BBPS offers interoperable and accessible bill payment service to customers, enabling multiple payment modes through a network of agents which can provide instant confirmation of payments.
Oxigen said BBPS commissioned by National Payments Corporation of India (NPCI) is aimed at disrupting the traditional cash-based economy for a future towards cashless payments.
“As our 150 million customers would now be able to access a much larger portfolio of billers. Oxigen will now further expand its reach with the use of BBPS’s platform, in addition to our current existing set of direct billers,” said Oxigen Services chairman Pramod Saxena in a statement.
According to PayU India, customers will reap the maximum benefit as they will be empowered to pay their bills anytime and anywhere in India.