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Paytm lives up to RBI expectations and offers this service for bill payment using credit card.

Sagar Patel

By Sagar Patel

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Paytm did something to please the RBI

Paytm, one of India’s largest digital payment platforms, has lived up to the expectations of the Reserve Bank of India. Recently, the Central Bank mandated all banks in the country and third-party digital payment platforms like Cred and PhonePe to do some major work related to bill payments using credit cards. Paytm has been at the forefront of this.

Things have not been good for Paytm in the recent times. It has even had to face some strict orders from the RBI, but now, in a way, it has been the first to live up to the RBI’s expectations.

credit card payment on paytm

In February, the Reserve Bank of India had mandated all banks and third-party apps in the country to make credit card bill payments only through the Bharat Bill Payment System (BBPS) platform. The last date for implementation of this rule was June 30, 2024. But there are still many banks and third-party apps in the country that have not been able to implement this rule.

At the same time, Paytm says that the credit card bill payment service on its platform is done only through BBPS. Credit card bill payments of all banks that have moved to this platform are done on the BBPS platform.

While credit card holders of State Bank of India, Kotak Mahindra Bank, IndusInd Bank, IDBI Bank, AU Small Finance Bank, Canara Bank, Bank of Baroda and Federal Bank will start getting this service on Paytm when they all switch to BBPS.

Many apps and banks did not follow the rules.

Meanwhile, it has come to light that even after June 30, third-party apps like Cred and PhonePe are still allowing users to make credit card bill payments via IMPS, NEFT or UPI.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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