Paytm Payments Bank Ltd (PPBL) has received final approval from the Reserve Bank of India to function as a Bharat Bill Payment Operating Unit (BBPOU).
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PPBL will now be able to facilitate bill payment services under the Bharat Bill Payment System (BBPS) for things such 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 BBPOU under the BBPS
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PPBL will now be able to transact bill payments and aggregation services
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The Reserve Bank of India will guide PPBL to showcase all its registered institutions on its website.
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The approval will help increase the usage of digital payment methods among merchants and billers
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With the Paytm app, users can easily and quickly settle their bills, as well as enjoy automatic payment and reminder services.
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According to a report, the Delhi-National Capital Region was identified as the digital payments capital of India.
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The report also showed that a city in Tamil Nadu, Katpadi, experienced a 7X growth in digital payments over the course of 2022.
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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.
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