Only These Credit Card Users Can Make Payments With Cred, PhonePe

Rohit Kulkarni

Rohit Kulkarni

Jul 06, 2024

The repayment of credit card outstanding amount has been tweaked by the Reserve Bank of India (RBI) and the changes are effective from July 1. 

Only These Credit Card Users Can Make Payments With Cred, PhonePe

As per the central bank, all the credit card bill payments via third-party applications must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI).

This has been introduced in the light of the fact that these banking institutions are not integrated with the Bharat Bill Payment System (BBPS) platform.

What is BBPS platform?

Developed by RBI with the aim to provide advanced technological solutions to streamline payment collection process for businesses and customers, BBPS empowers one to conveniently make payments through a network of physical outlets like bank branches and collection stores as well as through various digital channels such as apps and websites.

What this system does is that ensures the prompt settlements and accommodates a variety of payment methods for enhanced flexibility and convenience.

Which Banks Have It Live & Which are Working on it?

The BBPS is live with the below banks: 

  • SBI
  • Kotak Bank
  • IndusInd Bank
  • IDBI Bank
  • AU Small Finance
  • Canara Bank
  • Bank of Baroda
  • Federal Bank
  • ICICI Bank
  • Union Bank
  • Punjab National Bank
  • Saraswat Bank.

Whereas below banks are still working on this integration to BBPS:

  • Axis Bank
  • HDFC Bank
  • IDFC First Bank
  • Indian Bank
  • Indian Overseas Bank
  • YES Bank.

Image Source

Rohit Kulkarni
Rohit Kulkarni
  • 987 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos


Subscribe Now!

Get latest news and views related to startups, tech and business

who's online