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Gurgaon-based <keyword id="1493567" type="UNKNOWN" weightage="100" keywordseo="PayU-India">PayU India</keyword> and Noida-based <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> have got themselves the first in-principle approvals for operating as a Bharat Bill Payments Operating Unit (<keyword id="3135686" type="UNKNOWN" weightage="100" keywordseo="BBPOU">BBPOU</keyword>), which would allow them to offer interoperable bill payment service to their consumers, who will now be able to pay all their bills anytime and anywhere under the <keyword id="6431588" type="UNKNOWN" weightage="100" keywordseo="Bharat-Bill-Payment-System">Bharat Bill Payment System</keyword> (BBPS). Both the companies, meanwhile, will be providing them platforms to offer these services. 
 
Vijay Shekhar Sharma, founder of Paytm, said that RBI has laid some conditions so that the final authorisation can be approved. 
 
"We're planning to launch the payments unit by August-September, alongside our payments bank," he added. Companies with in-principle approvals need to meet two conditions, one being a certification from National Payment Corporation of India (<keyword id="193629" type="CITY" weightage="100" keywordseo="NPCI">NPCI</keyword>) for adherence to BBPS standards and the other being system readiness. Other than this, a system audit also needs to be conducted so that the hardware, software, critical applications and security can be evaluated. 
 It was in November 2015 that RBI had granted in-principal approval to NPCI, so that it could function as <keyword id="2618136" type="UNKNOWN" weightage="100" keywordseo="Bharat-Bill-Payment-Central-Unit">Bharat Bill Payment Central Unit</keyword>. 
 
Shailaz Nag, co-founder of PayU India, said that the company's technology aided with the license will be capable to offer a cost effective and efficient alternative to the already existing payment options, which would definitely increase consumer convenience.

PayU India and Paytm get first in-principle approvals to function as consumer payment gateways

Global technology firm Zoho on Thursday launched <keyword id="22959859" type="General" weightage="100" keywordseo="Zoho-Payments" source="keywords">Zoho Payments</keyword>, a unified payment solution to enable businesses securely accept payments from their customers through <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>. Zoho Payments is a product of Zoho Payment Technologies, a wholly-owned subsidiary of <keyword id="20285545" type="General" weightage="20" keywordseo="Zoho-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Zoho Corporation" meta.hostid="83" meta.entityid="Zoho Corporation">Zoho Corporation</keyword>. The Chennai-based firm also introduced <keyword id="22860206" type="General" weightage="20" keywordseo="B2B-payments" source="keywords">B2B payments</keyword> capabilities powered by <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS) of NPCI Bharat BillPay Limited (<keyword id="20787743" type="General" weightage="20" keywordseo="NBBL" source="keywords" meta.keywordsubtype="org" meta.entityname="NBBL" meta.hostid="83" meta.entityid="NBBL">NBBL</keyword>). Zoho Payments as a payment aggregator has been registered as a Bharat Bill Payment Operating Unit (BBPOU) with NBBL, enabling it to onboard buyers and sellers on the <keyword id="22963719" type="General" weightage="20" keywordseo="BBPS-network" source="keywords">BBPS network</keyword> and facilitate B2B Payments. "NBBL's BBPS standardises invoice presentment and payments, providing multiple payment modes, instant payment confirmations, <keyword id="22246299" type="General" weightage="20" keywordseo="invoice-financing" source="keywords">invoice financing</keyword>, and a unified platform for invoice transmission and reconciliation. "This marks a major advancement in the <keyword id="22964233" type="General" weightage="20" keywordseo="fintech-domain" source="keywords">fintech domain</keyword>. As a result, we can now offer a more holistic financial management solution for businesses," Sivaramakrishnan Iswaran, Global Head of Finance and Operations BU at Zoho, said.

Zoho launches Zoho Payments, a payment gateway and aggregator

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

Vijay Shekhar Sharma: The controversies of the architect of fintech

<keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> Payments Bank Limited (PPBL) received final approval from the Reserve Bank of India to operate as Bharat <keyword id="6420963" type="General" weightage="80" keywordseo="bill-payment" source="Orion">Bill Payment</keyword> System services under the Payment and Settlement Systems Act, 2007, said a press release on Monday. As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorization to conduct bill payment and aggregation business as a BBPOU. PPBL had been undertaking this activity so far under in-principle authorisation from <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>. Being an authorized operational unit, PPBL works in adherence to the standards set by Bharat Bill Payment Central Unit (BBPCU) i.e., NPCI Bharat <keyword id="16078337" type="General" weightage="50" keywordseo="billpay-limited" source="Orion">Billpay Limited</keyword> (NBBL). Under 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 of access to all billers on all payment channels - digital and physical. Paytm Payments Bank Spokesperson said, "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." Conceptualised by RBI, BBPS is a one-stop ecosystem driven by NPCI that provides an interoperable and accessible bill payments service including electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bills and municipal taxes. With Paytm, users can pay for services in a seamless, secure and superfast manner. 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 one of the leading issuer and acquirer bank 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. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zillionaire-this-startups-founders-walk-away-with-an-investment-double-the-original-ask-on-shark-tank-india/articleshow/97029721.cms">Bling and ka-ching! – This startup’s founders walk away with an investment double the original ask on Shark Tank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-wipro-dmart-among-stocks-in-focus/articleshow/97018162.cms">Sensex, Nifty50 end lower led by losses in metals, auto, banks</a>

Paytm Payments Bank gets final nod from RBI to operate Bharat Bill Payment System services

<a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> has become the first non-bank entity among 62 others to get <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI</a> approval to set up and operate <a href="http://www.businessinsider.in/searchresult.cms?query=Bharat+Bill+Payment+System&amp;sortorder=effectivedate">Bharat Bill Payment System</a> (BBPS). 
 <keyword id="3204218" type="UNKNOWN" weightage="60" keywordseo="Shailaz-Nag">Shailaz Nag</keyword>, COO and Co-founder, <a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> said, “With the provisions of BBPS, PayU believes more serious players will apply for authorization to work as BBPOU with <keyword id="30067" type="ORGANIZATION" weightage="40" keywordseo="RBI">RBI</keyword>. 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 <keyword id="6354241" type="COMPANY" weightage="40" keywordseo="Financial-Services">financial services</keyword> 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. 
 
<a href="http://economictimes.indiatimes.com/photo/51441376.cms">Image Source</a>

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

<keyword id="51926" type="UNKNOWN" weightage="100" keywordseo="Techprocess">TechProcess</keyword>, one of India's oldest e-payment processing firms, recorded a 42% rise in <a href="http://www.businessinsider.in/Ushering-in-a-tectonic-shift-in-mobile-payments/articleshow/52204588.cms">online payments</a>, while doubling its online revenue in FY16. As things look hopeful, the company is expecting the growth in online payments to double in the current financial year. 
 
Talking of numbers, TechProcess is said to have recorded a total of over 186 million payments during the year, in which the government and education sector had a huge role. Anand Ramachandran told ET that both these sectors have grown at 70% and 20%, respectively, and would continue to grow by 50% and 150-200% in the coming fiscal, because of more and more people getting interested in online payments. 
 
"We've gone from being a payment router to banks to becoming a platform for online payments," he said. 
 
Also read: <a href="http://www.businessinsider.in/Cashless-Indian-economy/articleshow/52220110.cms">Black money can be dealt with by creating a cashless economy, says the Indian government</a> 
 
The e-tendering platform built by TechProcess is being used by various state governments, and educational institutes, which use the platform FeesJunction to upload student database and manage payments. 
 
TechProcess also recently received an in-principle approval from the RBI, and would now be serving as a Bharat Bill Payments Operating Unit (BBPOU), through which it aims to shift more utility, education and government payments to the online mode. 
 
Also read: ​<a href="http://www.businessinsider.in/PayU-India-becomes-firstnon-bank-entity-to-get-Bharat-Bill-Payment-Unit-license/articleshow/52288975.cms">PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license</a> 
 
<a href="http://i.huffpost.com/gen/3244958/images/o-POS-facebook.jpg">Image source</a>

You Searched For "BBPOU" and got 6 results

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