The Reserve Bank of India (RBI) has implemented new guidelines starting July 1 concerning credit card bill payments. According to the guidelines, all payments through third-party apps must now go through the Bharat Bill Payment System (BBPS), managed by the National Payments Corporation of India (NPCI). This affects customers of major banks who can no longer use apps like CRED, PhonePe, Amazon Pay, and Paytm for bill settlements if their bank hasn't integrated with BBPS yet.
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This move aims to enhance security and streamline credit card payment processes.
The Impact:
Customers of major banks like HDFC, ICICI Bank, Citi Bank, and Axis Bank will likely no longer be able to pay credit card bills through popular third-party apps like CRED, PhonePe, Amazon Pay, and Paytm.
These apps haven't yet integrated with the BBPS.
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Alternatives:
Customers will need to use alternative channels for bill payments, such as the banks' official net banking platforms or mobile apps.
Bill payment through physical bank branches might still be an option for some institutions.
Fintech Disruption:
Fintech companies like Cred, PhonePe, and BillDesk could face significant disruption due to the shift towards BBPS.
These companies will need to integrate with the BBPS to stay relevant in the credit card bill payment space.
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