Key Updates:
- BBPS Integration: Several leading banks including HDFC Bank, ICICI Bank, and Punjab National Bank (PNB) have integrated their systems with Bharat Bill Payment Systems (BBPS).
- RBI Directive: Effective July 1, RBI mandated that all credit card payments must be processed through BBPS.
- Current Implementation: As of July 15, 15 banks have activated BBPS for credit card bill payments through third-party apps.
List of Banks Currently Live on BBPS (as of July 15):
- ICICI Bank Credit Card
- AU Bank Credit Card
- BoB Credit Card
- Canara Bank Credit Card
- Federal Bank Credit Card
- HDFC Bank Credit Card
- IDBI Bank Credit Card
- IDFC Bank Credit Card
- Indian Bank Credit Card
- IndusInd Credit Card
- Kotak Mahindra Bank Credit Card
- Punjab National Bank Credit Card
- Saraswat Co-Operative Bank Credit Card
- SBI Card Credit Card
- Union Bank of India Credit Card
About BBPS:
- Managed by NPCI: Bharat BillPay system is managed by the National Payments Corporation of India (NPCI), offering an integrated bill payment platform.
- Payment Channels: Enables transactions through Internet, mobile banking, wallets, kiosks, ATMs, bank branches, agents, and business correspondents.
- Benefits: Provides certainty, reliability, and safety in transactions, promoting greater adoption of digital payments.
User Benefits:
- Streamlined Experience: Users can now conveniently pay credit card bills through their preferred third-party apps, reducing complexity.
- Enhanced Security: BBPS ensures secure and reliable transactions, crucial in the digital payments era.
- Financial Discipline: Facilitates easier bill management, fostering financial discipline among cardholders.
Future Outlook:
- While 15 banks have implemented BBPS for credit card payments, the integration continues to expand. As more banks join, the ecosystem will become more robust, further enhancing user convenience and digital payment adoption.