Bharat Bill Payment System (BBPS)
The Bharat Bill Payment System (BBPS), managed by the National Payments Corporation of India (NPCI), aims to streamline and secure the payment process for both companies and customers. From July 1, all credit card payments through third-party apps must be routed via BBPS, impacting users of platforms like CRED, PhonePe, Amazon Pay, and Paytm. This move by the Reserve Bank of India (RBI) seeks to make credit card payments more regulated and transparent, reducing risks and simplifying monitoring. While twelve major Indian banks are already integrated with BBPS, others like HDFC and Axis Bank are still in the process. Integration challenges include significant investments and changes to existing systems, which may not be immediately profitable.
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