Credit Card Bill Payment rules: If you are a credit card user, you may get a shock. From July 1, there may be a problem in paying credit card bills through some platforms. CRED, PhonePe, BillDesk are some of the major fintechs that may be affected by RBI's new rules. 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 a report in the Economic Times, HDFC Bank, which has issued 2 crore credit cards, ICICI Bank, which has issued 1.7 crore credit cards, and Axis Bank, which has issued 1.4 crore credit cards, have not yet activated BBPS. These banks have not yet complied with the instructions. Fintech companies 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' credit cards are available on BBPS
The payments industry has sought 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 Payment Corporation of India i.e. NPCI.