Spice Digital to operate under Bharat Bill Payment System

IT company Spice Digital today said it has received in-principle approval from the Reserve Bank to operate under the Bharat Bill Payment System (BBPS).

"We are... part of elite selected group of seven non-banking companies chosen by RBI to operate under BBPS.

Once BBPS goes live, customers will no longer have to visit individual billing companies' websites or physical outlets to pay bills," Spice Digital CEO Saket Agarwal said in a statement.

BBPS is a centralised bill payment system that will allow users to use a single website or outlet to pay all your monthly or repetitive bills pertaining to mobile phones and electricity.

Customers will have the option to pay bills in cash, debit card, credit card, pre-paid payment instruments, including wallets, and other electronic payment options such as Net banking, IMPS and the like.

Out of the total 62 non-banking financial entities that applied for the licence, only seven got the approval, including Spice Digital. CSC e-governance Services India, a non-financial services entity, has also received the permit.

Bharat Bill Payment Operating Units are authorised entities for facilitating bill payments online as well as through a network of agents on the ground.