CRED, Phone Pe, No Longer A Medium To Make Credit Card Payments

Third-party apps will no longer be the medium to make payments for credit card bills. The new rule implemented on 1 July 2024 states that third-party apps like PhonePe and CRED will not be valued to pay credit card bills. The main reason is that the new law makes it compulsory for people to use apps, platforms, or banks connected with the BBPS.

What Is BPPS? What Is The New Rule For The Credit Card Payments?

BPPS refers to the Bharat Bill Payment System. National Payments Corporation Of India (NPCI) manages it. Every credit card bill payment is compulsory to go through the BBPS. Thus, platforms like CRED, Phone Pe, Amazon Pe, and Paytm are yet to connect with the BBPS. There is a need for the use of another app that has connectivity with the BBPS. The user can also use the internet banking of the particular bank for the same. In some cases, you can also consider the offline payment method at the bank.

Many are facing a lot of difficulties because of this new method. Thus, things like CRED, PhonePe, and BillDesk are facing major issues at the moment. People are also facing difficulty as they won’t be able to use UPI for the same. The credit payment system is preferable all over India. A lot of people use these apps for payments. However, it’s now difficult for the user and the company to manage everything in a new manner.

The biggest question is the reason behind this change. The major reason is the lack of integration of these apps with BBPS. Major banks like YES Bank, HDFC Bank, IDFC First Bank, Indian Bank, Axis Bank, and Indian Overseas Bank are working on it. However, some banks are already in connection with BBPS to support the new system. Thus, if you have an account in these banks, you won’t have a major issue. You will be able to use the Internet banking system for the payment of credit card bills.

These banks are SBI, Punjab National Bank, Bank Of Baroda, Canara Bank, ICICI Bank, IDBI Bank, Induslnd Bank, Union Bank, AU Small Finance Bank, Kotak Mahindra Bank, Saraswat Bank, and Federal Bank. BBPS is helpful in payments of bills easily. It is a solution to the different payment problems that you face day to day. It also accepts payments from different sources. Stay tune for more information.