Tuesday, June 28, 2016

BBPS welcomes Spice Digital into its fold

          The building blocks of BBPS are slowly getting ready. Spice Digital has received an in-principle approval from Reserve Bank of India (RBI) to operate under the Bharat Bill Payment System (BBPS).

Readers are aware that 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.

Reserve Bank of India has said that it is communicating the decision of who gets a licence directly to the applicants. Hence, the full list of In-principle BBPS license holders will slowly trickle down in the next couple of weeks.

Last week, newspapers announced that Spice Digital is one of the operators to receive the in-principle approval from Reserve Bank of India.

In May 2015, Spice Digital obtained a licence from RBI to operate a semi-closed digital wallet. It launched the digital wallet under the brand name ‘Spice Mudra’, in September 2015. The company also said that the wallet would be integrated with Spice’s handsets to enable easier payments for customers.

Spice Digital operates 4 verticals under its Financial Services Umbrella. The 4 verticals are:

01)  Domestic Money Transfer
02)         Spice Mudra
03)         Spice Mudra App
04)         Spice Safar

Read here more about Spice Digital

Spice Digital ‘Enablers’, are one of the five finalists of UPI Hackathon.