Mobile wallet firm MobiKwik 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.
BBPS is a tiered structure for operating the bill payment system in the country under a single brand, and NPCI will function as the authorised 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).
