The Indian government will support free electronic transactions under Bharat Bill Pay Systems (BBPS), and could end up cracking down on companies charging fees, Economic Times of India reported.
An unnamed official told Economic Times that the government will keep the unified payments interface as a free service, with no charge.
The BBPS offers a one-stop bill payment solution for all recurring payments with billers for utilities.
Some other apps have begun to charge for bill payments through BBPS. In response, the National Payments Corporation of India (NPCI) has said they need to stop charging the fees.
Action on those charging for the use of BBPS could be taken by the Indian Banks’ Association or the NPCI.
Last month, the government said the concerns about cost recovery should be met in other ways.
Meanwhile, the Reserve Bank of India has said it’s possible BBPS could accept cross-border inward payments.
In other news related to payments in India, ICICI Bank and the NPCI have recently teamed up to roll out a series of credit cards for local payments network RuPay, PYMNTS wrote.
Read more: India’s ICICI Bank, 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 like reward points, domestic airport and railway lounge access and discounts for movies and restaurants. It will benefit from the RuPay network like accident insurance coverage and personal concierge services.
“We believe our association with ICICI Bank will provide a convenient, rewarding and delightful shopping experience to the users of this card,” NPCI COO Praveena Rai said. “Over the years, RuPay has progressively established itself as a modern, contemporary and youthful brand by offering innovative and customer-oriented value propositions backed up by cutting-edge technology.”
ICICI said previously that it was looking into making a “digital ecosystem” for the country’s micro, small and medium enterprises (MSMEs), which would include customers of other banks.
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