Spice Digital has been chosen by Reserve Bank of India for processing bill payments under Bharat Bill Payment System (BBPS) as a Bharat Bill Payment Operating Unit (BBPOU).
Spice Money received an in-principle approval to set-up as a Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007 in May 2016. After about a year of running the pilot, abiding by the technology and stipulated business processes, RBI has accorded final certification to Spice Digital for processing bill payments under BBPS as a BBPOU.
Spice Digital has received CoA from RBI for operating as BBPOU. The BBPS, through its centralized 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.
According to the Digital Payments 2020 report by Google and Boston Consulting Group, non-cash contribution in the consumer payments segment will double to 40 per cent. Since January, 2017 the Bharat bill payment market has grown by nearly 70 times in over 6 months. According to the same report in this new era of digitization, India will see digital payments exceed $500 billion by 2020 and non-cash transactions exceed cash transactions by 2023.
Saket Agarwal, Global CEO, Spice Digital said, “We are excited to have received the final license from the RBI allowing us to process bill payments as a Bharat Bill Payment Operating Unit (BBPOU) in the Bharat Bill Payment System (BBPS). This is our 2nd license from the RBI, the first one being of a Pre-paid Payment Instruments. BBPS initiative will provide a major push to digital payments as it is a big step forward in formalising the bill payment system in the country. Leveraging on enabling infrastructure, technology and standards of Bill Payment System (BBPS) we are increasing acceptance channels especially physical through an assisted mode.”
SDL’s Spice money is making financial technology even more accessible to the common man. With a vision to bridge the gap of digital divide, Spice Money aims to reach the remotest corner of the nation bringing basic Fintech services like direct money transfer, mini-ATM, Aadhar Enabled Payment System (AePS), health and vehicle insurance, travel booking and bill payments at every Indian’s reach.