Fino Paytech may launch its payments banking services from 1 April 2017 at select BPCL outlets in rural areas.
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Bharat Petroleum Corporation (BPCL) had in July 2016, signed a definitive agreement to buy a 21% stake in Fino Paytech for Rs 251 crore in an all-cash deal.
The partnership with BPCL is to leverage its infrastructure and facilitate transactions with BPCL customers at both petrol pumps and LPG dealerships either through a wallet or the bank.
Given BPCL doesn’t have a prepaid payments instruments licence, Fino has built a wallet, BPay. While one can make utility payments to most services providers using BPay, it only allows payment for fuel at BPCL outlets.
Fino Paytech is touted to be the biggest beneficiary of Demonetisation