RBI gives in-principle nod to Mobikwik to set up payment system

Mobikwik will now be integrated in Bharat Bill Payment System

Mobile wallet firm Mobikwik said on Wednesday its users across the country will be able to pay their utility and convenience bills using the wallet as the company has received an in-principle approval from the RBI to set up a Bharat Bill Payments Operating Unit (BBPOU).

The company will now be integrated in Bharat Bill Payment System (BBPS), a bill payment system by National Payments Corporation of India (NPCI), offering interoperable and accessible bill payment service to customers through a network of agents, MobiKwik said in a release.

It said BBPS is a tiered structure for operating the bill payment system in the country under a single brand, and NPCI will function as the authorised 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 beginning this month, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH), the release added.

"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," Mobikwik co-founder Bipin Preet Singh said.

Founded in 2009, Mobikwik claims to have a network of more than 2,50,000 direct merchants and 45 million-plus users.