If you happen to use apps like CRED, PhonePe to pay bank card invoice, you could get a shock from July 1

New Delhi. If you’re a bank card consumer, then you could get a shock. From July 1, there could also be issue in bank card invoice cost via some platforms. There are some main fintechs like CRED, PhonePe, BillDesk, which can be affected by the brand new guidelines of RBI. The central financial institution has directed that after June 30, all bank card funds ought to be processed via Bharat Invoice Fee System i.e. BBPS.

Based on the report of Financial Occasions, HDFC Financial institution, which has issued 2 crore bank cards thus far, ICICI Financial institution, which has issued 1.7 crore bank cards and Axis Financial institution, which has issued 1.4 crore bank cards, haven’t activated BBPS. These banks haven’t but adopted the directions. Fintechs like CRED and PhonePe, that are already members of BBPS, can even not be capable to course of funds on bank card dues for them after June 30.

Solely 8 banks have bank cards reside on BBPS
The cost business has demanded an extension of the deadline by 90 days. Thus far, solely 8 banks have activated invoice funds on BBPS, whereas a complete of 34 banks are allowed to problem bank cards.

What’s BBPS
Bharat Invoice Fee System is an built-in system of invoice cost, which gives on-line invoice cost service to prospects. It’s an interoperable platform for invoice cost. This technique works underneath the Nationwide Funds Company of India i.e. NPCI.