RBI mandates credit card bill payments through BBPS (Bharat Bill Payment System) from July 1, major banks like ICICI, HDFC, Axis banks cards not live yet. Users of SBI, Bank of Baroda, Kotak Mahindra, etc. can pay via third party apps without disruption. PCI and fintech companies seeks 90-day extension from RBI for BBPS compliance.
Cred, Phonepe will not work as July 1 marks end of third-party app Credit Card payments for most Banks; 8 Banks continue payment services| The True HR
Hello, welcome to The True HR. If you are using Cred, Phonepe, Amazon pay etc. To pay your credit card bill then it’s an important news for you. Let’s discuss more on this topic.
How CRED, PhonePe, and Amazon Pay Make Credit Card Bill Payments Easier
In the fast-paced digital age, managing credit card bills can be both not so easy and time-consuming. Thankfully, mobile apps like CRED, PhonePe, and Amazon Pay have stepped in to simplify the process. Let’s dive into how these platforms are revolutionizing credit card bill payments while keeping it real and practical.
1. CRED: Rewards and Financial Insights
What’s on Offer?
CRED is more than just a bill payment app. It’s a community that rewards responsible credit behavior. Here’s how it works:
- Credit Card Details: When you register on CRED, it securely stores your credit card details.
- Payment Options: You can pay your credit card bills through net banking, Unified Payments Interface (UPI), or the auto-pay feature on the app.
- Eligibility: CRED invites users with credit scores higher than 750 to join its community.
- CRED Coins: For every rupee you pay off on your credit card bills, you earn CRED coins. These coins can be redeemed for various rewards.
- Kill the Bill: In the “Kill the Bill” section, you can convert CRED coins into actual cash as a cashback offer.
What Works?
Financial Insights: CRED analyzes your spending patterns, alerts you about suspicious activities on your credit card, and notifies you about charges or unexpected fees.
Early Reminders: It sends due date reminders via WhatsApp, ensuring you never miss a payment.
Hidden Charges: CRED uncovers hidden charges, such as annual maintenance fees or forex charges, helping you stay informed.
2. PhonePe: Simple and Rewarding
How It Works
Credit Card Details: Unlike other apps, PhonePe doesn’t require you to save credit card details. When making a bill payment, you select the provider network (Visa, MasterCard, American Express, Diners, or Rupay), enter the card details, and complete the transaction using UPI.
Rewards: PhonePe extends rewards and cashback schemes based on your usage.
Why Choose PhonePe?
- Simplicity: No need to save card details; just enter them during the transaction.
- Scratch Cards: Paying your credit card bill earns you scratch cards with mystery cashback or bonuses.
3. Amazon Pay: Familiar Security and Convenience
Benefits
- Ease Everywhere: Amazon Pay leverages the security and fraud protection trusted by millions of Amazon customers. It ensures a seamless checkout experience.
- Cashback Rewards: Amazon offers cashback rewards ranging from 1% to 5% for both Prime and non-Prime customers and also provide scratch cards through which you can have discounts on amazon products shopping.
These apps not only simplify credit card bill payments but also empower users with financial insights and rewards. Now you cant pay your credit card bills through these platforms and other platforms like these from 1st july onwards.
Credit Card holders of major banks including ICICI Bank, HDFC Bank and Axis Bank will not be able to pay their bills through these third party apps like CRED, PhonePe, Amazon Pay and Paytm as they are not yet live on the BBPS (Bharat Bill Payment System) platform of the NPCI (National Payments Corporation of India). Although these apps are BBPS compliant but major banks are not ready with it for now.
Reserve Bank of India (RBI) has made it mandatory to route all credit card bill payments by third party apps through NPCI’s BBPS from July 1. Major credit card issuers such as Axis Bank, HDFC, ICICI are not yet live on the BBPS platform to receive credit card bill payments.
There is a relaxing news for some other banks credit card users, among the 34 banks that have been authorized to issue credit cards, 26 are yet to become active on BBPS. That means there are some banks like SBI, Bank Of Baroda, RBL Bank credit cards can still be used for bill payment.
But no worries HDFC, ICICI, Axis bank credit card users, will be able to make payments through the websites of the issuing banks, net banking and by using their respective mobile banking Apps. “This is a temporary issue. In a few months, all banks will activate BBPS to accept credit card bill payments through third party apps,” according to experts who track credit cards.
Payments Council of India (PCI), the payments industry body, has requested RBI to extend the deadline for BBPS compliance by 90 days to avoid any disruption in services. HDFC Bank, ICICI Bank and Axis Bank alone have issued a total of more than 50 million credit cards in the country, so if it will be extended then it will be benefited for major people of credit card holders in India. Let’s see what will happen now.
There is some news come from major news agencies that move came after the central bank found instances where customers used their credit cards to pay rents and tuition fees through third party apps.
Anyways if you are the user of these major bank’s credit cards then you can pay your bill on their internet banking and phone banking methods. In future it will be normalize again as these major banks also do RBI mandate.
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