PayU India bags license to operate Bharat Bill Payment Unit

NEW DELHI: The payment payment gateway solution provider, PayU India has announced the in-principal approval given to it, by the Reserve Bank of India to set up and operate Bharat Bill Payment System (BBPS).

Adding to the feat, PayU 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. Consumers will be the ones who will get the maximum benefit out of this as they will be able to pay their bills anytime and anywhere in India," the statement said.

Underlining the significance of the BBPS for the payments ecosystem in India, Shailaz Nag, COO and Co-founder, PayU India commented,  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”.

The BBPS license gives a big boost to PayU India’s efforts to create a meaningful difference in the payment ecosystem and strengthen its position as the leader in the utility bill payments segment. The idea is to offer efficient and cost-effective alternative to the existing payment systems and enhance consumer confidence and experience. PayU’s seamless technology coupled with the recent BBPS license will help PayU India to get one step closer to achieve its mission of “Simplifying payments and financial services for everyone”.