Credit Card Update: Why HDFC, Axis Bank, Other Banks Customers Can't Make Credit Card Bill Payments Using CRED, PhonePe, Paytm? EXPLAINED

New Delhi: The Reserve Bank of India has mandate that all credit outstanding repayments must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI). The revised norms to streamline the process of bill payments is applicable from 1 July 2024.

What Is Bharat Bill Payment System

Bharat Bill Payment System is a one-stop ecosystem for payment of all bills providing an interoperable and accessible Bill payment service to all customers across India. Bharat BillPay transaction can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, Mobile Wallets, Kiosk, ATM, Bank Branch, Agents and Business Correspondents, by just looking at the Bharat BillPay logo

Bharat BillPay facilitates myriad payment modes enabling Bill payments. The payment modes options facilitated under the ecosystem are Cards (Credit, Debit and Prepaid), NEFT Internet Banking, UPI, Wallets, Aadhar based Payments and Cash.

Why HDFC Bank, Axis Bank, other banks customers can't make credit card bill payments using CRED, PhonePe, Paytm?

Due to lack of integration of these apps with the Bharat Bill Payment System (BBPS), customers cant make third-party app payment. They will have to make their credit card bill payments through other channels or directly through the platforms owned by their banks

Banks like Axis Bank, HDFC Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank and YES Bank are still in the integration process, consequent to which customers will not be able to make credit card bill payments using CRED, PhonePe, Paytm

HDFC Bank has informed customers to pay their current and future bills directly to the biller to ensure uninterrupted bill payments. The bank said, "In line with regulatory guidelines on Bill Payments, from 1st July 2024, we will no longer process Standing Instructions (SI) and Non-SI payments to billers not participating in the Bharat Bill Payment System (BBPS)."

Banks Integrated With Bharat Bill Payment System

Meanwhile, the banks that have made integration with Bharat Bill Payment System are– 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, Federal Bank