Friday, July 26, 2024

RBI to change credit card payment method! changes to apply from 1 July

This news is relevant to those who use credit cards. With each new month comes a new set of guidelines about credit card bill payment. As of July 1, the RBI will alter the process for paying credit card bills. Bill payment will be made using the Bharat Bill Payment System, or BBPS, as of the upcoming month. The purpose of this modification is to enable safe and convenient payment of credit card bills. You could experience issues using some payment platforms to pay your bills as a result of the recent adjustment.

RBIThere might be an issue with the money.

As per the recent Reserve Bank regulation, all credit card payments must be made via the Bharat Bill Payment System, often known as BBPS, starting on July 1. That is to say, credit card bill payment using various platforms (such as many large fintech services like CRED, PhonePe, and BillDesk) may become challenging after July 1. The RBI has set a deadline for the new payment system, but several large banks are still running behind schedule. Big bank names like HDFC Bank, ICICI Bank, and Axis Bank are included in this. BBPS has not been enabled by these banks. Only eight banks have enabled bill payment on BBPS thus far. It includes brand names such as Bank of Baroda Card, Kotak Mahindra Bank, Federal Bank, and IndusInd Bank.

RBI

The rationale behind the choice

The new policy was created by RBI to improve system security and expedite the payment procedure. BBPS has set out to create a unified platform for various payment services, in collaboration with NPCI. The RBI has set a deadline for this, and banks and the platforms that rely on credit card payments may run into problems if they don’t follow it by then. Allow us to introduce you to BBPS, an integrated bill payment system that offers clients online bill payment services.

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