Big news for credit card holders, payment rules changed

New credit card rules for third party apps: The Reserve Bank of India has made major changes in the rules regarding payment of credit card dues. These changes have come into effect from July 1, 2024. In which all credit card payments through third party applications will have to be made through Bharat Bill Payment System (BBPS). It is managed by the National Payments Corporation of India.

Credit card holders of top banks HDFC Bank, Axis Bank will not be able to use third party apps CRED, PhonePe, Amazon Pay and Paytm to pay their outstanding bills. This change has been made due to the banking institutions not being registered on the Bharat Bill Payment System platform.

What is Bharat Bill Payment System?

Bharat Bill Payment System technology was developed by the Reserve Bank of India to make the payment collection process better and more convenient for businesses and customers. According to experts, the system enables customers to easily make payments through a network of physical outlets such as bank branches and collection stores, as well as through various digital channels such as apps and websites across the country.

The customers of this bank will not face any problem

These new rules will not apply to individuals holding credit cards of State Bank of India, Bank of Baroda, Kotak Mahindra Bank and other top banks. These banks are registered with Bharat Bill Payment System. So customers can easily use third party apps for their payment needs.

These banks are registered with BBPS

SBI, Kotak Bank, IndusInd Bank, IDBI Bank, AU Small Finance Bank, Canara Bank, Bank of Baroda, Federal Bank, ICICI Bank, Union Bank, Punjab National Bank and Saraswat Bank are registered on BBPS. Apart from this, Axis Bank, HDFC Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank and Yes Bank will also register soon. Credit card users have to inform whether their respective banks are registered with Bharat Bill Payment System or not. They can get information about this through the official website of the bank or through available customer service communication channels. Customers whose banks are not yet registered with BBPS should use alternative payment systems to ensure timely payment of their bills and avoid penalties applicable for late payment.