The Reserve Bank of India (RBI) has given in-principle approval to payment solutions providers Oxigen Services and PayU India to set up and operate Bharat Bill Payment System (BBPS).
BBPS is an integrated bill payment system that will offer interoperable bill payment service to customers online and through a network of agents on the ground. It will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH).
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The platform will be operated under National Payments Corporation of India (NPCI).
Oxigen Services chairman Pramod Saxena said: "As our 150 million customers would now be able to access a much larger portfolio of billers. Oxigen will now further expand its reach with the use of BBPS’s platform, in addition to our current existing set of direct billers."
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By GlobalData
