NEW DELHI: Spice Digital said that it has received Certificate of Authorisation (CoA) from Reserve Bank of India (RBI) to process bill payments as a Bharat Bill Payment Operating Unit (BBPOU) in the Bharat Bill Payment System (BBPS).
The BBPS, through its centralized bill payment system allows the users to use a single website or outlet to pay all their monthly or repetitive bills such as mobile phone and electricity.
Bill payment is a major component of the retail payment transactions in India, and is characterized by the presence of large number of billers, and aggregators who provide a variety of payment options to customers. According to the Digital Payments 2020 report by Google and Boston Consulting Group, non-cash contribution in the consumer payments segment will double to 40 per cent. Since January, 2017 the Bharat bill payment market has grown by nearly 70 times in over 6 months. According to the same report in this new era of digitization, India will see digital payments exceed USD 500 billion by 2020 and non-cash transactions exceed cash transactions by 2023.
Saket Agarwal, Global CEO, Spice Digital said, “We are excited to have received the final license from the RBI allowing us to process bill payments as a Bharat Bill Payment Operating Unit (BBPOU) in the Bharat Bill Payment System (BBPS). This is our 2nd license from the RBI, the first one being of a Pre-paid Payment Instruments. BBPS initiative will provide a major push to digital payments as it is a big step forward in formalising the bill payment system in the country. Leveraging on enabling infrastructure, technology and standards of Bill Payment System (BBPS) we are increasing acceptance channels especially physical through an assisted mode.”
SDL’s Spice money is making financial technology even more accessible to the common man. With a vision to bridge the gap of digital divide, Spice Money aims to reach the remotest corner of the nation bringing basic Fintech services like direct money transfer, Mini-ATM, Aadhar Enabled Payment System (AePS), health and vehicle insurance, travel booking and bill payments at every Indian’s reach.
“It gives us a great deal of satisfaction that under BBPS we have empowered our 45,000+ Agent network to offer Bill payments of utility comprising of Electricity, Telecom, DTH, Water and Gas by giving a convenient O2O experience to the customers”, said Mr Agarwal.