Tuesday, June 15, 2021
HomeBusinessMobiKwik receives in-principle nod from RBI to set up BBPOU

MobiKwik receives in-principle nod from RBI to set up BBPOU

Mobile wallet firm MobiKwik said its users across the country will be able to pay their utility and convenience bills using the wallet as the company has received an in-principle approval from the RBI to set up a Bharat Bill Payments Operating Unit (BBPOU).

The company will now be integrated in Bharat Bill Payment System (BBPS), a bill payment system by National Payments Corporation of India (NPCI), offering interoperable and accessible bill payment service to customers through a network of agents, MobiKwik said in a release.

It said BBPS is a tiered structure for operating the bill payment system in the country under a single brand, and  NPCI will function as the authorized Bharat Bill Payment  Central Unit (BBPCU), which will be responsible for setting  business standards, rules and procedures for technical and  business requirements for all the participants.

In its initial phase beginning this month, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH), the release added.

“We are determined to serve the entire country with digital payments and enable Indians from rural or urban areas  in making seamless and secure payments from their mobile  phones,” MobiKwik Cofounder Bipin Preet Singh said.

Founded in 2009, MobiKwik claims to have a network of more than 250,000 direct merchants and 45 million-plus users.

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