Obtains in-principle approval to function as BBPU under the Bharat Bill Payment System (BBPS)
May 16, 11.26 AM IST || Pocket News Alert
New Delhi, May 16, 2016: - India’s leading payment solution company, PayU India, proudly announces the in-principal approval given to it, by the Reserve Bank of India to set up and operate Bharat Bill Payment System (BBPS). Adding to the feat, PayU has been listed amongst the first non-bank entity that has been grated this license out of the total of 62 non-bank entities that applied for the said license. BBPS is an is an integrated bill payment system in India, offering interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. Consumers will be the ones who will get the maximum benefit out of this as they will be able to pay their bills anytime and anywhere in India.
Underlining the significance of the BBPS for the payments ecosystem in India, Shailaz Nag, COO and Co-founder, PayU India commented, “PayU is very hopeful about the prospects of BBPS. With BBPS, customers would be presented with the opportunity of easy bill payments for almost all Billers in the country. PayU would ensure that the most convenient and best in class user experience is delivered to its customers, thus encouraging more people to transact online. 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 BBPS license gives a big boost to PayU India’s efforts to create a meaningful difference in the payment ecosystem and strengthen its position as the leader in the utility bill payments segment. The idea is to offer efficient and cost-effective alternative to the existing payment systems and enhance consumer confidence and experience. PayU’s seamless technology coupled with the recent BBPS license will help PayU India to get one step closer to achieve its mission of “Simplifying payments and financial services for everyone”.
About PayU
PayU is one of the largest consumer payment processors in the world today with prominent presence in India, South Africa, Eastern Europe, Latin America and China. Founded in 2011 headquartered in Gurgaon, PayU India is backed by its parent NASPERS Group, a leading and well known global media and internet company. Owing to its innovation leveraging technology, patent pending algorithms, robust sales force and amazing customer service, PayU India has steadily established itself as the No.1 payment aggregator in the Indian e-commerce category. PayU is divided into two business verticals: PayU Biz & PayU Money.