Credit Card Payment: The month of June is nearing its end with just a few days left. Significant changes can be expected at the end of this month, as July begins. Specifically, platforms like PhonePe, BillDesk, and Infibeam Avenue are crucial fintech entities through which credit bill payments could become quite challenging. These platforms may be affected by the new regulations of the RBI.
At the same time, credit card bill payments through the platforms of PhonePe, Cred, BillDesk will be affected. RBI had already directed that after June 30, all credit card payments should be processed through the bill payment system in India.
So far HDFC Bank, ICICI Bank and Axis Bank have not activated BBPS. These banks have issued a total of more than 5 crore credit cards to customers.
However, these banks have not yet followed the instructions. Fintechs like PhonePe, Cred, which are already members of BBPS, will also not be able to pay credit card dues for them after June 30.
That’s why banks need to follow it. These fintechs will have to follow the rules to operate without any hassle. This rule of RBI is valid till June 30.
According to the report, the payment industry has demanded to extend the time limit by 90 days. So far only 8 banks have activated bill payment on BBPS. Whereas a total of 34 banks are permitted to issue credit cards.
Banks like SBI Card, BOB Card, IndusInd Bank, Federal Bank, and Kotak Mahindra Bank are included in the count of those activating BBPS. Industry reports suggest that in addition to empowering central banks to track and resolve fraudulent transactions, RBI needs to oversee payment trades.
