Credit Card Payment : There may be difficulty in paying credit card bills through some platforms after June 30. PhonePe, Cred, BillDesk and Infibeam Avenue are some of the major fintechs that may be affected by the new rules of the Reserve Bank of India.
Credit card bill payments through the platforms of PhonePe, Cred, BillDesk will be affected. The Reserve Bank of India (RBI) had earlier directed that all credit card payments after June 30 should be processed through the Bharat Bill Payment System (BBPS).
So far HDFC Bank, ICICI Bank and Axis Bank have not activated BBPS. These banks have issued a total of more than 5 crore credit cards to customers.
However, these banks have not yet complied with the instructions. Fintechs like PhonePe and Credi, which are already members of BBPS, will also not be able to process payments on credit card dues for them after June 30. Therefore, banks need to follow the rules for these fintechs to operate without any hassle. These rules of RBI are valid till June 30.
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According to the report, the payment industry has demanded to extend the deadline to 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. The list of banks that have activated BBPS includes SBI Card, BOB Card, IndusInd Bank, Federal Bank and Kotak Mahindra Bank. According to the industry, apart from allowing the central bank to track and resolve fraudulent transactions, RBI needs to keep an eye on payment trends.
