If you use a credit card then this news is for you. The rules for credit card bill payment will change with the new month. After the order of the Reserve Bank of India, the method of credit card bill payment will change from July 1.
Credit Card Bill Payment: If you use a credit card then this news is for you. With the new month, the rules for credit card bill payment will change. After the order of the Reserve Bank of India, the method of credit card bill payment will change from July 1. From the new month, bill payment will be done through Bharat Bill Payment System i.e. BBPS. This change has been made to make credit card bill payment convenient and secure. Under the new change, you may face problems in bill payment through some payment platforms.
There may be problems in payment
According to the new regulation of the Reserve Bank, from July 1, all credit card bill payments should be done through Bharat Bill Payment System i.e. BBPS. That is, after July 1, there may be problems in credit card bill payment through some platforms, which include many big fintech platforms like CRED, PhonePe, BillDesk. RBI has issued a deadline for the new payment system, but there are still many big banks, which are lagging behind in completing it. This includes the names of big banks like HDFC Bank, ICICI Bank and Axis Bank. These banks have not activated BBPS. So far only 8 banks have activated bill payment on BBPS. These include names like SBI Card, Bank of Baroda Card, Kotak Mahindra Bank, Federal Bank and IndusInd Bank.
Why the decision was taken
RBI has made the new regulation with the aim of streamlining the payment process and making the payment system more secure. Along with NPCI, BBPS has set a goal of creating a single platform for different payment services. RBI has set a deadline for this, but if banks do not comply with it within the stipulated deadline, then they as well as the platforms dependent on credit card payment may face difficulties. Let us tell you that BBPS is an integrated system of bill payment, which provides online bill payment service to the customers.
