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

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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

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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.

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


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