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Fintech platform Setu launches APIs for recurring payments on Bharat Bill Pay

Fintech software developer Setu has launched several ready-to-use application programme interfaces (API) that can be used by merchants and online platforms on the Bharat Bill Payment System (BBPS). Recently, the Reserve Bank of India (RBI) changed its regulations on recurring payments or auto-debit transactions. As banks and card networks figure out the transition to a new "consent and mandate" model for recurring payments by October, Setu has enabled merchants to get a lead in the race to comply with the new rules. In an online workshop organised by Setu on Thursday, Nikhil Kumar, co-founder and chief evangelist at Setu, or BrokenTusk Technologies Pvt. Ltd,  said that India's digital payments adoption story has taken place in three phases: Payments 1.0: offline payments at merchants through cards; Payments 2.0: adoption of payments gateways by merchants and; Payments 3.0: the adoption of the Unified Payments Interface (UPI) system and BBPS Setu is the brainchild of Kumar and Sahil Kini, who were previously with the Indian Software Products Industry Round Table (iSPIRT) based in Bengaluru. The team behind Setu has worked on the Aadhaar project, UPI and the Goods and Services Tax Network platform. "Currently we are at Payments 2.o in terms of mandates. As an end-user, if you have five mandates, you have to set them up separately and you do not have a common platform to manage these mandates. So I expect that customers will set up mandates with a payment service provider rather than with the merchant directly," Kumar said. "Just like…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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