October 3, 2022


Spice Digital Restricted (SDL) has obtained the ultimate licence from the Reserve Financial institution of India (RBI), permitting the corporate to course of invoice funds as a Bharat Invoice Fee Working Unit (BBPOU) within the Bharat Invoice Fee System (BBPS).

It might be recalled that SDL’s Spice Cash had in Could final 12 months obtained an in-principle approval to arrange a BBPOU beneath the Fee and Settlement Methods Act 2007.

The BBPS, by its centralised invoice fee system permits the customers to make use of a single web site or outlet to pay all their month-to-month or repetitive payments similar to cell phone and electrical energy.

Commenting on the event, Saket Agarwal, International CEO, Spice Digital, mentioned: “We’re excited to have obtained the ultimate licence from the RBI permitting us to course of invoice funds as BBPOU within the Bharat Invoice Fee System”.

He mentioned this was the second licence from the RBI, the primary one being of a pre-paid fee devices.

“It offers us a substantial amount of satisfaction that beneath BBPS we have now empowered our 45,000 plus agent community to supply invoice funds of utility comprising of electrical energy, telecom, DTH, water and gasoline by giving a handy O2O expertise to the purchasers”, mentioned Agarwal.

The BBPS is a RBI conceptualised system pushed by Nationwide Funds Company of India (NPCI). It’s a one-stop fee platform for all payments offering an interoperable and accessible “Anytime Anyplace” invoice fee service to all clients throughout India with certainty, reliability and security of transactions.

Srivats.kr@thehindu.co.in



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