BBPS is an integrated bill payment platform that enables payment and collection of bills through multiple channels including mobile apps, bank branches, among others.
At present, only eight banks are eligible to process credit card payments on the BBPS. This includes BoB credit card, SBI Card, IndusInd Credit Card, among others.
HDFC Bank, Axis Bank, ICICI Bank, and Yes Bank are among the major banks that have not gone live on the BBPS so far.
Meanwhile, the payments industry is planning to extend the deadline by about 90 days after June 30. The Reserve Bank of India (RBI) has directed all credit card payments to be processed on the BBPS interface after June 30.
This story is from the June 22, 2024 edition of Business Standard.
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This story is from the June 22, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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