BBPS, operated by NPCI, announced on July 10 that HDFC Bank credit card bill payments are now available on its platform. This follows an RBI mandate requiring all credit card bill payments via third-party applications to be routed through BBPS.
Bharat Bill Payment System (BBPS), a platform operated by the National Payments Corporation of India (NPCI), on Wednesday (July 10) said HDFC Bank credit card bill payments are now available on BBPS.
We are glad to announce that @HDFC_Bank credit card bill payments are now available on BBPS! Enjoy a seamless and convenient payment experience.#HDFCBank #BBPS #BillPayments #Convenience #DigitalBanking
— Bharat BillPay (@BharatBillPay) July 10, 2024
This comes after the Reserve Bank of India (RBI) mandated all credit card bill payments via third-party applications must be routed through the Bharat Bill Payment System.
However, many customers will find that their banks are not yet active on this system, affecting their ability to use popular third-party apps like CRED and PhonePe for their credit card payments.
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Out of the 34 banks authorised to issue credit cards in India, only 13 are currently live on the BBPS platform. The remaining 21 banks are still in the process of integrating with the system.
The delay in adopting BBPS by some banks can be attributed to several factors. Integration requires significant updates to existing systems, which can be complex, time-consuming, and costly.
Adhil Shetty, CEO of BankBazaar.com, explains that some banks may lack the necessary resources or technical capabilities to undertake this process efficiently.
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Moreover, banks might prioritise other areas of digital banking or financial services that they consider more crucial or profitable than bill payment facilitation.
Additionally, many banks have their own payment systems and may prefer to keep customers within their ecosystem to maintain closer relationships and control over transactions.
