TechProcess receives RBI's nod to set up Bharat Bill Payments Operating Unit

NEW DELHI: Mumbai-based payment solutions, software & services company has received an in-principle approval for setting up and operating Bharat Bill Payments Operating Unit (BBPOU). The company has been electronic payments in India since 2000 when it started as Billjunction.com.

With the legacy of 15 years in the Bill Payments industry, TechProcess is one of the frontrunners to receive this in-principle approval from The Reserve Bank of India.

On the occasion, Mr. Kumar Karpe, CEO, TechProcess said, “There are approximately 30 billion bills genera ted every year amounting to USD 10 billion in value and only 8 percent of it is paid electronically. This has been one of the most significant initiatives by the RBI and we are extremely delighted with this approval. TechProcess has played a significant role in driving this initiative with the regulators. We have aligned ourselves to the current initiatives of the Government such as ‘Digital India’ and ‘Cashless Economy’ by bringing in a positive change in the bill payments industry.”

The Bharat Bill Payments Operating Unit (BBPOU) aims to ease out the pain points in Bill Payments pertaining to utility, education, municipality taxes, mutual funds, insurance premiums, etc.

RBI received 62 applications for authorisation from non-bank entities and and 80 approvals requirements from banks to get an authorisation for operating as a Bharat Bill Payment Operating Unit (BBPOU).