Bharat Bill Payment System: Designed as a one-stop window under the RBI and operational through the National Payment Corporation of India (NPCI), BBPS offers several categories. From July 1, all credit card bill payments will be made through Bharat Bill Payment System i.e. BBPS.
Bharat Bill Payment System: If you pay your utility bill through fintech app through credit, then you may face trouble from July 1 i.e. today. Actually, customers of banks and credit card issuing companies which have not registered on RBI’s Bharat Bill Payment System (BBPS) will not be able to make bill payments through fintech apps. According to the new regulation of RBI, from July 1, all credit card bill payments should be made through Bharat Bill Payment System i.e. BBPS. From then on, everyone will have to do billing through Bharat Bill Payment System (BBPS).
Such customers will not be able to make payment
According to Business Standard, from today, credit card holders of major banks including HDFC Bank, ICICI Bank and Axis Bank will no longer be able to pay their bills through third party apps like Cred, PhonePe, Amazon Pay and Paytm. Because they are not registered on Bharat Bill Payment System (BBPS). People with credit cards issued by SBI, Bank of Baroda, Kotak Mahindra Bank and others have no need to worry. These banks are already on the BBPS platform, allowing customers to continue using third-party apps for payments.
Many types of payments are included
Designed as a one-stop window under the RBI and operational through the National Payments Corporation of India (NPCI), BBPS offers several categories. This includes utility bill payments to insurance premiums, mutual funds and credit card payments. For example, credit card users can pay their monthly bills through netbanking, auto-debit mandate or third-party applications. The first two methods will continue even after June 30, the third process will be stopped, unless an extension is given.
There may be a decline in transactions
Industry officials had told ET that fintechs fear that they may face a major reduction in transaction volumes. The Reserve Bank of India had directed that after June 30, all credit card payments will be processed through BBPS.
Payment platform
From July 1, 2024, there may be problems in bill payment through some payment platforms. These platforms include some fintechs like CRED, PhonePe, BillDesk. According to the new regulation of RBI, from July 1, all credit card bill payments should be made through Bharat Bill Payment System i.e. BBPS. From then on, everyone will have to do billing through Bharat Bill Payment System (BBPS).
