There will be a big change from July 1, those who pay credit card bills should be cautious

If you also use a credit card, then this news is special for you. Changes related to credit card payment are going to be implemented after seven days i.e. from July 1, 2024. After this, there may be a problem in paying the bill through some payment platforms. These platforms include some fintechs like CRED, PhonePe, BillDesk. Let us know what changes the Reserve Bank of India (RBI) has made and what will be its effect on the users?

This rule will come into effect from July 1

The month of June is about to end and the month of July will start after a week. Like every month, some big changes are going to happen in the country next month as well (change in rules from July 1) and one of these big changes is related to bill payment through credit card. According to the report, according to the new rule of RBI, from July 1, all credit card bills should be paid through Bharat Bill Payment System i.e. BBPS. After this, everyone will have to pay the bill through Bharat Bill Payment System (BBPS).

8 banks remained behind, many big banks remained behind

There are many big banks that have not made any changes to their rules under the new change after the deadline set by the central bank and this includes big names like HDFC Bank-ICICI Bank and Axis Bank. According to the new rule of RBI, about 8 banks have moved ahead, including SBI Card, Bank of Baroda Card (BOB Card), Kotak Mahindra Bank, Federal Bank and IndusInd Bank.

The goal is to make the payment system more secure

This regulation has been brought by the Reserve Bank of India with the aim of streamlining the payment process and making India's payment system more secure. BBPS, in collaboration with the National Payments Corporation of India (NPCI), aims to create a platform for various payment services. Now the deadline for its implementation is approaching and if banks do not comply with it within the stipulated time, it may cause trouble for them as well as fintech platforms based on credit card payments.

What is BBPS?

What is this BBPS i.e. Bharat Bill Payment System. It is an integrated bill payment system, which provides online bill payment services to the customers. It works under the supervision of NPCI. Bharat Bill Pay is an interface, which is available on PhonePe, Credit and other fintech platforms and through which all types of credit card bill payments can be made on a single platform instead of separately.