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India supports recurring electronic payments on Bharat Bill Pay

Indian government to support free electronic transactions under Bharat Bill Pay Systems (BBPS) and may end up cracking down on companies that charge fees, Economic Times of India reported.

An unnamed official told the Economic Times that the government will keep the Unified Payments Interface as a free service with no fees.

The BBPS offers a one-stop bill payment solution for all recurring payments with billers for utilities.

Some other apps have started charging bill payments through BBPS. In response, the National Payments Corporation of India (NPCI) said it should stop charging the fees.

The Association of Indian Banks or the NPCI could take action against those who charge for the use of BBPS.

Last month, the government said concerns about cost recovery should be met by other means.

Meanwhile, the Reserve Bank of India said there is a possibility that BBPS could accept incoming cross-border payments.

In other Indian payments news, ICICI Bank and the NPCI recently partnered to roll out a series of credit cards for local payment network RuPay, PYMNTS wrote.

Read more: Indian bank ICICI and NPCI launch contactless cards

Called the ICICI Bank Coral RuPay credit card, with other varieties to follow, it will be a contactless card offering various benefits such as rewards points, access to airport and railway lounges national and discounts for movies and restaurants. It will benefit from the RuPay network such as accident insurance coverage and personal concierge services.

“We believe that our association with ICICI Bank will provide a convenient, rewarding and enjoyable shopping experience for users of this card,” said Praveena Rai, COO of NPCI. “Over the years, RuPay has gradually established itself as a modern, contemporary and youthful brand by delivering innovative, customer-focused value propositions supported by cutting-edge technology.”

ICICI has previously said it plans to create a “digital ecosystem” for the country’s micro, small and medium-sized enterprises (MSMEs), which would include customers from other banks.


About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

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