RBI gave a shock to many big banks including HDFC, AXIS. Crores of customers were affected due to the ban on payments.

Reserve Bank of India (RBI) has recently made a big change, which has changed the payment methods for crores of credit card holders.

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Why is there a break in Third Party Apps?
As per the rule that came into effect from July 1, 2024, you can no longer pay credit card bills for many banks through third party apps like PhonePe, Amazon Pay and Paytm. You will now have to use Bharat Bill Payment System (BBPS).
Crores of credit card customers will be affected
This change will affect the customers of HDFC Bank and Axis Bank the most. If you are also a credit card holder of these banks and were paying bills through CRED, PhonePe, Amazon Pay, and Paytm apps till now, then now you will have to change this process. This change has been made due to the lack of connectivity of these apps with the BBPS platform.

What is BBPS Platform?
Bharat Bill Payment System (BBPS) has been developed by the Reserve Bank. Its main objective is to make payments simple and secure for businessmen and customers. You can easily make payments through BBPS at bank branches, shops collecting payments, and through digital methods. The specialty of this system is that it accepts quick payment and multiple payment modes.

Which banks are live with BBPS?
As of July 1, 2024, SBI, Kotak Bank, IndusInd Bank, IDBI Bank, AU Small Finance Bank, Canara Bank, Bank of Baroda, Federal Bank, ICICI Bank, Union Bank, Punjab National Bank and Saraswat Bank are accepting payments through BBPS.
Integration of these banks is in the pipeline
Axis Bank, HDFC Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank and Yes Bank are completing their integration process with BBPS.

What do we do now?
If you used to pay your credit card bills through PhonePe, Amazon Pay or Paytm, then don't worry. You can pay your credit card payment through your bank's payment portal or by visiting an offline bank. You can also set up an auto-debit in your bank account for convenience.

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