If you use a credit card to pay your bills, you may find this news helpful. In reality, there are only a few days left until the month of June ends, after which the month of July will begin. As the month of July begins, big updates are coming for people who make bill payments using credit cards. Some RBI rules regarding credit card bill payment will be implemented from July 1, which will have a direct impact on those who use credit card bill payment.
Its purpose is to speed up the payment process and increase its security. Paying bills by credit card through some platforms can be complicated. These include some major fintechs like Cred, PhonePe, BillDesk.
RBI rules will apply
In fact, the Reserve Bank of India has given instructions that after June 30, all credit card payments must be processed through the Bharat Bill Payment System. According to the report, HDFC Bank, ICICI Bank and Axis Bank are yet to activate BBPS. These banks have not yet followed the instructions. So far only 8 banks have activated bill payment in BBPS.
What is BBPS?
Bharat Bill Payment System is an integrated bill payment system, providing customers with online bill payment service. 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 was also created by the National Payments Corporation of India. Bharat Bill Pay is an interface that is present in applications like Cred, PhonePe, BillDesk, BHIM, Paytm, MobiKwik. Through this, all invoices can be paid on a single platform.
So far 26 banks have not enabled it. The payments industry has demanded an extension of the 90-day deadline. The Payments Council of India has filed a petition with the RBI on this matter. However, the regulator has not yet taken any decision in this regard.
