New Delhi: Homegrown Paytm Payments Bank Limited (PPBL) has got the final approval from Reserve Bank of India (RBI) to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007, the company said on Monday.
As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorisation to conduct bill payment and aggregation business as a BBPOU.
PPBL had been undertaking this activity so far under in-principle authorisation from the RBI.
“Our vision is to drive financial inclusion by offering users greater access to digital services. With this approval, we will further increase the adoption of digital payments by merchant billers and enable them with secure, fast and convenient transactions. Through the Paytm app, users can make convenient payments for their bills and benefit from automatic payment and reminder services,” said a Paytm Payments Bank spokesperson.
Being an authorised operational unit, PPBL works in adherence to the standards set by Bharat Bill Payment Central Unit (BBPCU), i.e., NPCI Bharat Billpay Limited (NBBL).
Under the RBI’s guidance, PPBL will display all agent institutions onboarded on its website and make concerted efforts to onboard more billers in the approved categories on the BBPS platform. This approval enables the Bank to become the single point access to all billers on all payment channels – digital and physical.
PPBL remained the largest UPI beneficiary bank for 19 months in a row with over 1,727 million transactions in December 2022, ahead of all major banks in the country.
With 386.5 million registered transactions, the bank is one of the top 10 remitter banks for UPI transactions according to NPCI’s latest report.
PPBL is also one of the leading issuer and acquirer banks for National Electronics Toll Collection (NETC) FASTag.
As an Issuer Bank, PPBL registered 57.13 million transactions and as an acquirer, it registered 47.9 million transactions in November 2022.