Credit card bill payment rules: RBI has directed that after June 30, all credit card payments should be processed through Bharat Bill Payment System i.e. BBPS. So far HDFC Bank, ICICI Bank and Axis Bank have not activated BBPS.
Credit Card Bill Payment rules: If you are a credit card user, you may get a shock. From July 1, there may be difficulty in credit card bill payment through some platforms. CRED, PhonePe, BillDesk are some of the major fintechs that may be affected by the new rules of RBI. The central bank has directed that after June 30, all credit card payments should be processed through Bharat Bill Payment System i.e. BBPS.
According to the report of Economic Times, HDFC Bank, which has issued 2 crore credit cards so far, ICICI Bank, which has issued 1.7 crore credit cards and Axis Bank, which has issued 1.4 crore credit cards, have not activated BBPS. These banks have not yet followed the instructions. Fintechs like CRED and PhonePe, which are already members of BBPS, will also not be able to process payments on credit card dues for them after June 30.
Only 8 banks have credit cards live on BBPS
The payment industry has demanded an extension of the deadline by 90 days. So far, only 8 banks have activated bill payments on BBPS, while a total of 34 banks are allowed to issue credit cards.
What is BBPS
Bharat Bill Payment System is an integrated system of bill payment, which provides online bill payment service to the customers. It is an interoperable platform for bill payment. This system works under the National Payments Corporation of India i.e. NPCI.
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