PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license

PayU India has become the first non-bank entity among 62 others to get RBI approval to set up and operate Bharat Bill Payment System (BBPS).

Shailaz Nag, COO and Co-founder, PayU India said, “With the provisions of BBPS, PayU believes more serious players will apply for authorization to work as BBPOU with RBI. Further admittance of prominent industry players in the business will only enhance the country’s payment ecosystem”.

The company believes the BBPS license gives a big boost to its payment ecosystem. In an official statement the company mentions this as getting one step closer to achieve its mission of ‘Simplifying payments and financial services for everyone’.

BBPS is an integrated bill payment system in India, offering inter-operable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. This will allow consumers to pay their bills anytime and anywhere in India.

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