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Spice Digital Gets Final License by RBI to Process Bill Payments

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Rajkumar Maurya
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Spice Digital Limited, a company well known in the market for its portfolio of MVAS, Telco, and Enterprise services forayed into FinTech space three years ago. Today SDL’s Spice Money is India’s leading India stack based FinTech Company. Spice Digital was chosen by National Payments Corporation of India (NPCI) as one of the 8 BBPS operating units when NPCI launched its pilot project for Bharat Bill Payment System (BBPS) in August, 2016. Spice Money received an in-principle approval to set-up as a Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007 in May 2016. After about a year of running the pilot, abiding by the technology and stipulated business processes, now, in an official communication, RBI has accorded final certification to Spice Digital for processing bill payments under BBPS as a BBPOU. 
 

Spice Digital has received CoA from RBI for operating as BBPOU. The BBPS, through its centralized bill payment system allows the users to use a single website or outlet to pay all their monthly or repetitive bills such as mobile phone and electricity.

Bill payment is a major component of the retail payment transactions in India, and is characterized by the presence of large number of billers, and aggregators who provide a variety of payment options to customers. According to the Digital Payments 2020 report by Google and Boston Consulting Group, non-cash contribution in the consumer payments segment will double to 40 per cent. Since January, 2017 the Bharat bill payment market has grown by nearly 70 times in over 6 months. According to the same report in this new era of digitization, India will see digital payments exceed USD 500 billion by 2020 and non-cash transactions exceed cash transactions by 2023.

SDL’s Spice money is making financial technology even more accessible to the common man. With a vision to bridge the gap of digital divide, Spice Money aims to reach the remotest corner of the nation bringing basic Fintech services like direct money transfer, Mini-ATM, Aadhar Enabled Payment System (AePS),  health and vehicle insurance, travel booking and bill payments at every Indian’s reach.

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