Credit Card Bill Payment Rule: From July 1, all credit card bill payments should be made through Bharat Bill Payment System i.e. BBPS. In fact, the Reserve Bank of India (RBI) has instructed that after June 30, all credit card payments should be processed through Bharat Bill Payment System.
There are only a few days left for the month of June to end. From July 1, all credit card bill payments should be made through Bharat Bill Payment System i.e. BBPS. Its purpose is to streamline the payment process and increase its security. There may be difficulty in credit card bill payment through some platforms. These include some major fintechs like CRED, PhonePe, BillDesk. In fact, the Reserve Bank of India has directed that after June 30, all credit card payments should be processed through Bharat Bill Payment System.
Some banks have not activated it
According to the report, HDFC Bank, ICICI Bank and Axis Bank have not activated BBPS yet. These banks have not even followed the instructions yet. So far only 8 banks have activated bill payment on BBPS.
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What is BBPS
Bharat Bill Payment System (BBPS) is an integrated system of bill payment, which provides online bill payment service to customers. It is an interoperable platform for bill payment. This system works under the National Payments Corporation of India i.e. NPCI. Like UPI and RuPay, BBPS has also been created by the National Payments Corporation of India (NPCI). Bharat Bill-Pay is an interface, which is available on apps like Cred, PhonePe, BillDesk, Bhim, Paytm, Mobikwik. Through this, all bills can be paid on a single platform.
Request for extension of time limit
So far 26 banks have not enabled it. The payment industry has demanded an extension of the deadline by 90 days. The Payments Council of India has filed a petition with the RBI in this matter. However, the regulator has not yet taken any decision on this.
