Paytm Payments Bank Just Got Approved to Operate as a BBPOU - Find Out More!

On Monday, the Reserve Bank of India gave its final approval for Paytm Payments Bank Ltd (PPBL) to function as a Bharat Bill Payment Operating Unit (BBPOU).

This means that PPBL will now be able to facilitate bill payment services under the Bharat Bill Payment System (BBPS), owned by the National Payments Corporation of India, for such things as electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bills and municipal taxes.

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The Payment and Settlement Systems Act, 2007 has granted PPBL the final approval to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Bharat Bill Payment System (BBPS). This authorization permits PPBL to transact bill payments and aggregation services, according to a statement issued by the company.

This approval will help increase the usage of digital payment methods among merchants and billers, providing them with secure, efficient, and convenient transactions. With the Paytm app, users can easily and quickly settle their bills, as well as enjoy automatic payment and reminder services.”