Starting July 1, the Reserve Bank of India (RBI) implemented changes affecting how you can pay your credit card bills. Under these new regulations, you can no longer use third-party apps like PhonePe, Amazon Pay, and Paytm to settle your credit card dues. Instead, you’ll need to use the Bharat Bill Payment System (BBPS), managed by the National Payments Corporation of India (NPCI).
Impact on Millions of Credit Card Customers
This change is set to impact millions of credit card customers, particularly those of HDFC Bank and Axis Bank. If you hold a credit card from these banks, you will no longer be able to use apps like CRED, PhonePe, Amazon Pay, or Paytm for bill payments. This is because HDFC Bank and Axis Bank are not yet integrated with the BBPS platform.
What is the BBPS Platform?
The Bharat Bill Payment System (BBPS) was developed by the Reserve Bank of India to streamline the payment collection process for businesses and consumers. BBPS allows customers to make payments easily through bank branches, payment collection centers, apps, and websites. The system promises quicker payments and accepts multiple payment modes, making it highly convenient.
Banks Already Offering BBPS Services
As of now, several banks are live on the BBPS platform. These include:
- State Bank of India (SBI)
- Kotak Bank
- IndusInd Bank
- IDBI Bank
- AU Small Finance Bank
- Canara Bank
- Bank of Baroda
- Federal Bank
- ICICI Bank
- Union Bank
- Punjab National Bank
- Saraswat Bank
Banks in the Integration Pipeline
Other banks are in the process of integrating with BBPS, including:
- Axis Bank
- HDFC Bank
- IDFC First Bank
- Indian Bank
- Indian Overseas Bank
- YES Bank
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