New Delhi: Beware, HDFC Bank credit card users, Axis Bank credit card users, ICICI Bank credit card users and Yes Bank credit card users! You won’t be able to make credit card bill payments on fintech apps like Cred, PhonePe, Google Pay, etc from July 01, 2024, Money9 reported.
Whats is the matter credit card bill payment issue?
The Reserve Bank of India (RBI) has made it mandatory that all credit card bill payments should be processed through the central government’s Bharat Bill Payment System from July 1. Consequently, all credit card bill payments will be made through Centralized Billing Network from that date. Such payments cannot be processed via the third party fintech apps like Cred, PhonePe, Google Pay, and others, ET reported.
Who are the credit card users set to face problems?
Out of the 34 credit card issuing banks in the country, only eight banks have activated BBPS. This means that credit card users of 26 other banks won’t be able to make credit card bill payments through the third-party platforms. While all the fintech apps are already on board with the BBPS, unless and until, customers’ banks get activated on BBPS, they will not be able to make credit card bill payments on the fintech apps.
Which banks are on board with BBPS?
Currently, lenders like the State Bank of India (SBI), Bank of Baroda, Kotak Mahindra Bank and IndusInd Bank are active on BBPS. So, credit users of these banks will not face any problem.
But, how can you still make credit card bill payment?
Customers of those banks which have not onboarded the BBPS, can still make credit card bill payment through net banking.
What is BBPS?
Created by the RBI, Bharat Bill Payment System is operated by National Payments Corporation of India (NPCI). It’s a one-stop solution for processing all types of payments in the county. Electricity bill payments, gas bill payments, water bill payments, insurance premium payment, etc all can be processed via the BBPS.
Credit card bill payment issue: HDFC Bank, Axis Bank, ICICI Bank and Yes Bank credit card users can continue to make credit card bill payments via net banking even after June 30, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
