New Delhi. If you are a credit card user, you may get a shock. From July 1, there may be difficulty in paying credit card bills through some platforms. There are some major fintechs like CRED, PhonePe, BillDesk, which may be affected by the new rules of RBI.
The central bank has directed that after June 30, all credit card payments should be processed through Bharat Bill Payment System i.e. BBPS.
According to the Economic Times report, HDFC Bank, which has issued 2 crore credit cards, ICICI Bank, which has issued 1.7 crore credit cards, and Axis Bank, which has issued 1.4 crore credit cards, have not activated BBPS so far. These banks have not yet complied with the instructions. Fintechs like CRED and PhonePe, which are already members of BBPS, will also not be able to process payments on credit card dues for them after June 30.
Also Read: Paytm Wallet Users! Accounts Will Be Closed From July 20, Do This Work Immediately
Only 8 banks have their credit cards live on BBPS
The payment industry has demanded an extension of the deadline by 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.
What is BBPS
Bharat Bill Payment System is an integrated system of bill payment, which provides online bill payment service to the customers. It is an interoperable platform for bill payment. This system works under the National Payments Corporation of India i.e. NPCI.
