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Oxigen, PayU get BBPOU approvals

Two payment companies – PayU and Oxigen – have received in-principle approval from the Reserve Bank of India toOxigen set up a Bharat Bill Payments Operating Unit (BBPOU). The two companies will now be able 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. 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. Oxigen has a PoS terminal, called Super PoS, which facilitates payments under the BBPS. The Super PoS would also have micro ATMs according to UIDAI/NPCI specifications, a biometric reader for Aadhaar transactions and eKYC, a built in NFC with tap and pay debit card and magnetic swipe for RuPay, VISA, MasterCard debit and credit cards. It would also support money transfer, IMPS, Oxigen wallet, insurance and mutual fund services, Aadhaar and Jan Dhan accounts, merchant payments and mobile payments via SMS and USSD.

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