vansh saxena
KF Rookie
No more credit card payment from cred, cheq ? RBI new guidelines
No more credit card payment from cred, cheq ? RBI new guidelines
- Thread starter vansh saxena
- Start date
Trilochan20
KF Expert
You can do all bank's credit card payments on them, except ICICI, AXIS and HDFC cards. Till they sign up in the BBPS platform.
The Human Monolith
KF Rookie
If I pay HDFC CC bill via PayZapp then will it be considered as third party payment?
Trilochan20
KF Expert
I think Payzapp will be considered 3rd party since you have to add your card number and all to it, and it also allows paying other banks CC as well.
Only 8 out of 34 credit card issuers are listed on BBPS. So majority of the bank credit card payment may get affected.
RBI wants all credit card bill payments to be routed through the Bharat Bill Payments System (BBPS) from July.
1. In India, 70 percent people still use banking channels or standing instructions as the primary settlement method.
2. This RBI guideline does not affect settlements made through banking channels (bank websites, apps) or standing instructions (automatic deductions).
3. Cred is likely to see a minimal impact as the it uses multiple channels such as IMPS and NEFT.
4. The methods employed by PhonePe, Mobikwik and Amazon Pay are likely to be impacted by the RBI direction.
Every bank, fintech, bilateral partnerships, payment gateways, etc., have to make their credit card repayment APIs though BBPS. But don't worry, these people are on the way to building API's and most likely this deadline is going to extend further.
PS : All this information has been procured from various news outlet.
