look news india
RBI's new rules- If you are a credit card user, you may get a shock. It may be difficult to pay credit card bills through some platforms from July 1. Credit (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 made through Bharat Bill Payment System i.e. BBPS.
According to a report by the 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, are yet to activate BBPS. These banks have not complied with the directive so far. Fintechs such as CRED and PhonePe, which are already members of BBPS, will also not be able to process payments on credit card balances for them after June 30.
Only 8 banks' credit card is live on BBPS, payment industry
has sought to extend the deadline by 90 days. So far only 8 banks have enabled 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 bill payment system, 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.
