All credit outstanding repayments must go through the Bharat Bill Payment System (BBPS), which is run by the National Payments Corporation of India (NPCI), per a directive from the Reserve Bank of India. The amended guidelines, which aim to simplify the bill-payment procedure, will take effect on July 1, 2024.
What Is Bharat Bill Payment System
The Bharat Bill paying System is a one-stop ecosystem that offers all clients in India an accessible and interoperable bill paying service. A Bharat BillPay transaction can be started by simply glancing at the Bharat BillPay logo on a variety of payment channels, including the Internet, Internet Banking, Mobile, Mobile-Banking, Mobile Wallets, Kiosk, ATM, Bank Branch, Agents, and Business Correspondents.
Many payment methods are made possible via Bharat BillPay, allowing bill payments. The ecosystem allows for the following payment methods: Cash, Wallets, NEFT Internet Banking, Aadhar-based payments, Credit, Debit, and Prepaid Cards.
Why HDFC Bank, Axis Bank, other banks customers can’t make credit card bill payments using CRED, PhonePe, Paytm?
Customers are unable to make payments using third-party apps since these apps are not integrated with the Bharat Bill Payment System (BBPS). They will need to use alternative means or the platforms that their banks own directly to pay their credit card bills.
Due to ongoing integration processes, customers of banks like Axis Bank, HDFC Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank, and YES Bank won’t be able to pay their credit card bills using CRED, PhonePe, or Paytm.
To guarantee uninterrupted bill payments, HDFC Bank has advised clients to pay their present and future invoices straight to the biller. “On July 1, 2024, we will no longer process Standing Instructions (SI) and Non-SI payments to billers who are not participating in the Bharat Bill Payment System (BBPS), in accordance with regulatory guidelines on bill payments,” the bank stated.
Banks Integrated With Bharat Bill Payment System
SBI, Punjab National Bank, Bank of Baroda, Canara Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Union Bank, AU Small Finance Bank, Kotak Mahindra Bank, Saraswat Bank, and Federal Bank are among the banks that have integrated with the Bharat Bill Payment System thus far.