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.
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