Axis Bank credit card bill payment goes live on BBPS as per RBI mandate
By MYBRANDBOOK
As mandated by the Reserve Bank of India (RBI), Axis Bank is now going live on the Bharat Bill Payment System (BBPS) for credit cards last week. With this, the country's top five credit card issuing banks are now part of the bill payment platform.
The country’s central bank required all credit card bill payments to be routed through BBPS from July, avoiding any third-party payment route such as fintechs.
With the five largest credit card issuing institutions - HDFC Bank, SBI Cards, ICICI Bank, Axis Bank and Kotak Mahindra Bank - coming on board, customers can now use any fintech app for settling credit card dues.
Another mid-size credit card issuer, Yes Bank, is set to go live within the next 10 days, according to a source close to the development.
Despite the RBI deadline being June 30, among the major issuers, only Kotak was live on the BBPS platform.
“Since the regulator did not extend the deadline, the larger banks worked overtime to make this happen with the top three going live by the middle of this month,” said a senior executive source.
While there were some concerns that this could cause severe disruptions, around 70 percent of customers still use banking channels as the primary settlement method. Between banking channels, SI, fintech app Cred and BBPS, almost 95 percent of bills are settled.
The banking channels are bank websites and apps, apart from standing instructions for automatic bill payments.
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