Introduction

Are you a credit card user and now you can’t pay your credit card bill using third-party apps like GPay, Phonepe, Paytm, and CRED? If you are a credit card user please read this entire post. The Reserve Bank of India has implemented a new update for credit cards from July 1. If you are visiting our site for the first time, please follow our page. Let’s know about the above detail completely. (RBI)

Third-Party Apps

Usually, every credit card we use has its own app and website where we have to make payments but most of us pay the bills using apps like GPay, Phonepe, Paytm, and CRED. But from now on we can’t pay much more our credit card bills through this kind of third-party app. How about this credit card bill payment transaction, we will pay the specific credit card bill through this kind of third-party app. The app will pay the respective amount to the bank.

This is the reason why we can’t directly pay the credit card bill without having to go around it this is where the third-party apps keep their strategy.

The thing is that when we use this kind of third-party app, we get a lot of rewards, cashback offers, etc. But if we paid our credit card bill directly with the bank, we would not get any such offer. For example, if we pay our credit card bill using the Cred app, we will get something called Cred Points, which we can use to pay for shopping and as well as credit card bills.

And since they have just opened UPI transactions, they are offering more offers and cash back. For example, if we are going to pay a 2000 rupees credit card bill, if we already have 150 credit points on it, the remaining amount will be paid as bill payment.

Bharat Bill Payment System

But RBI has come up with an update that from July 1 onwards we will not be able to do any kind of credit card bill payments through this kind of third-party app. So maybe if you need to pay your credit card bill you can pay it directly through the Respective Bank website or app. Why can’t we pay our credit card bill through this kind of third-party app, every credit card issuing bank should be linked and registered with BBPS. What BBS stands for is the Bharat Bill Payment System.

This is the first rule in that update that already 5 banks are linked with this BBPS. Which bank is SBI, Kotak Mahindra Bank, IndusInd Bank, Bank of Baroda, and Federal Bank. If you are using a credit card from any of these five banks, you can pay your credit card bill through UPI or this Third party app. Three more banks will join the list namely HDFC, Axis, and ICICI Bank. If you have a credit card with the above bank you can make your bill payment using the third party app. Actually there are 36 Banks in which these eight banks are going and the remaining 26 banks are there. RBI is giving about 90 days time to lenders to register with BBPS. They have given time till September.

Conclusion

This RBI Rule has already come into effect from July 1. If your credit card bank is not yet connected to this BBPS, please wait for a while and you will receive a notification from your bank. Always follow our page for more financial, personal development, and entrepreneurship information. And I hope this information is useful for you and if you like this information please share it with your friends. You can also follow us on YouTube and Instagram.