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.
Source: Google
Under the guidance of the Reserve Bank of India (RBI), Paytm Payments Bank (PPBL) will showcase all its registered institutions on its website. The spokesperson of PPBL stated, “Our mission is to promote financial inclusion by providing users with greater access to digital services.
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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.”
Source: Google
In the Paytm 2022 Recap report released last month, the Delhi-National Capital Region was identified as the digital payments capital of India. Additionally, the report showed that Katpadi, a city in Tamil Nadu, experienced a 7X growth in digital payments over the course of 2022.
Chennai and Trichy in Tamil Nadu had the highest rates of offline payments for food and beverages, while Amritsar saw the highest spending on health and beauty products through Paytm.