26 Aug 2017 17:59 IST

Spice Digital gets RBI licence to operate under BBPS

Bharat Bill Payment System is a one-stop platform through which customers can pay all utility bills

Spice Digital Limited (SDL) has received the final licence from the Reserve Bank of India (RBI), allowing the company to process bill payments as a Bharat Bill Payment Operating Unit (BBPOU) in the Bharat Bill Payment System (BBPS).

It may be recalled that SDL's Spice Money had in May last year received an in-principle approval to set up a BBPOU under the Payment and Settlement Systems Act 2007.

The BBPS, through its centralised bill payment system allows the users to use a single website or outlet to pay all their monthly or repetitive bills such as mobile phone and electricity.

Commenting on the development, Saket Agarwal, Global CEO, Spice Digital, said: "We are excited to have received the final licence from the RBI allowing us to process bill payments as BBPOU in the Bharat Bill Payment System".

He said this was the second licence from the RBI, the first one being of a pre-paid payment instruments.

"It gives us a great deal of satisfaction that under BBPS we have empowered our 45,000 plus agent network to offer bill payments of utility comprising of electricity, telecom, DTH, water and gas by giving a convenient O2O experience to the customers", said Agarwal.

The BBPS is a RBI conceptualised system driven by National Payments Corporation of India (NPCI). It is a one-stop payment platform for all bills providing an interoperable and accessible "Anytime Anywhere" bill payment service to all customers across India with certainty, reliability and safety of transactions.