Indian mobile wallet major, MobiKwik announced that users across India, including those from rural and semi-rural areas will be able to pay their utility and convenience bills using the wallet. The Company has got an in-principle approval from the Reserve Bank of India (RBI) to setup a Bharat Bill Payments Operating Unit (BBPOU). The company will now be integrated in Bharat Bill Payment System (BBPS), a bill payment system by NPCI, offering interoperable and accessible bill payment service to customers through a network of agents.
Speaking on the announcement, Bipin Preet Singh, Cofounder of MobiKwik said, “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. Our association with Bharat Bill Payments Service is another milestone in our journey to make mobile payments ubiquitous in India.”
The Bharat Bill Payment System (BBPS) is a tiered structure for operating the bill payment system inthe country under a single brand. National Payments Corporation of India (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 that is beginning this month, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH).
“BBPS will facilitate a less cash society through migration of bill payments from cash to electronic channel.” Bipin added.