wordpress blog stats
Connect with us

Hi, what are you looking for?

Digital Payments roundup: TechProcess Payment, SBI Buddy Wallet and FINO Paytech

payments flickr

TechProcess Payment Services gets RBI licence to operate as a BBPOU

TechProcess Payment Services, which operates Billjunction.com, has got the Reserve Bank of India’s approval to operate as a Bharat Bill Payments Operating Unit (BBPOU). The approval from the RBI will allow BBPOUs to connect with the central bill payments and settlement system called Bharat Bill Payment System (BBPS) of National Payments Corporation of India (NPCI).

BBPOUs are units which can create an agent network and will be responsible for on-boarding billers and aggregators. In addition, they will be responsible for transaction handling, infrastructure development and application development, including APIs. Other player who have got the RBI nod include Oxigen and PayU.

The BBPS intends to offer an interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment.

SBI’s Buddy wallet signs up with CCAvenue

State Bank of India’s (SBI) digital wallet Buddy has signed up with payment gateway aggregator CCAvenue. Merchants processing payments through CCAvenue can now tap into the 2.7 million customer base of the wallet. SBI will get access to over 1 lakh merchants registered on CCAvenue.

CCAvenue had signed a similar deal with FreeCharge in March. The deal would list FreeCharge as a payment option in CCAvenue’s merchant websites. CCAvenue says that it is a neutral payment gateway and has always associated with third party wallets.

In March 2015, CCAvenue enabled the Immediate Mobile Payment Service (IMPS) for merchant payments which allows users to make real-time inter-bank payments via mobile phones.

FINO PayTech ties up with Thomas Cook for outward remittances

Alternate banking channel and payments bank licensee FINO PayTech has signed up with Thomas Cook to provide outward remittances to other countries. The deal will also provide FINO’s customers a range of foreign exchange services for their customers. In February, FINO signed an agreement with Reliance Commercial finance to offer credit to rural poor in the states of Maharashtra and Madhya Pradesh.

FINO was among the 11 applicants which got an in-principle nod from the Reserve Bank of India to set up a payments bank in August 2015. RBI’s guidelines explicitly state that a payments bank cannot undertake lending activities, but they can undertake other non-risk sharing simple financial services activities, not requiring any commitment of their own funds, such as distribution of mutual fund units, insurance products, pension products, etc.

As such, it seems FINO will only be providing disbursement services for Reliance Commercial Finance and not actually provide the loan themselves.


You May Also Like


Airtel and Reliance Jio now account for as much as 65% of India’s total Mobile connections. BSNL has just 10%. While Reliance Jio and...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ