New Delhi [India], August 26 : The National Payments Corporation of India (NPCI) has given a nod to Spice Digital Ltd. for processing bill payments under the Bharat Bill Payment System (BBPS) as a Bharat Bill Payment Operating Unit (BBPOU).
The BBPS through its centralised bill payment system will allow the users to use a single website or outlet to pay all their monthly or repetitive bills such as mobile phone and electricity.
Bill payments is a major component of the retail payment transactions in India, and is characterized by the presence of large number of billers, and aggregators, who provide a variety of payment options to customers.
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 percent.
Since January, 2017 the Bharat bill payment market has grown by nearly 70 times in over six months. According to the same report in this new era of digitisation, India will see digital payments exceed USD 500 billion by 2020 and non-cash transactions exceed cash transactions by 2023.
Spice Digital forayed into FinTech space three years ago. Today, SDL's Spice Money is India's leading India stack based FinTech Company.
In August, 2016 the NPCI launched a pilot project for BBPS with eight BBPS operating unit, Spice Digital being one of the chosen units.
Spice Money received an in-principle approval to set-up as a BBPOU under the Payment and Settlement Systems Act, 2007 in May 2016.
"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," said Saket Agarwal, Global CEO, Spice Digital.
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.
"It gives us a great deal of satisfaction that under BBPS we have empowered our 45,000 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 Saket.