Spice Digital gets in-principle approval for BBPS licence

MUMBAI: Spice Digital has received an in-principle approval from Reserve Bank of India ( RBI) to operate under the Bharat Bill Payment System (BBPS). The BBPS is a centralized bill payment system that will allow users to use a single website or outlet to pay all your monthly or repetitive bills such as mobile phone and electricity.

Out of the total 62 non-bank entities that applied for the said license, only seven got the approval. Spice Digital adds to the list of non-bank entities like Oxigen, PayU India, Paytm, Euronet, TechProcess and BillDesk.

“We are quite pleased to be a part of elite selected group of seven non-banking companies chosen by RBI to operate under BBPS. Once BBPS will go live, customers no longer have to visit individual billing companies’ websites or physical outlets to pay bills. As of now, Spice Digital along with those companies that have received in-principle approval to join the single bill payment system have to submit system audit reports and obtain certification from NPCI to get final authorization to commence business,” said Saket Agarwal, CEO of Spice Digital.