Something came up on my feed that really caught me off guard and had me checking all my Credit Card Bill payments and the reason was that the Indian Government specifically The Reserve Bank of India has tweaked the repayment of Credit Card Bills. According to the Apex Bank of India, all Credit Card Billing systems should go through a single Billing system namely the Bharat Bill Payments System in short BBPS which is managed by the NPCI which stands for National Payments Corporation of India and is the same organization that came up with UPI.
So what is BBPS?
BBPS which stands for Bharat Bill Payment System was developed with the framework in mind that instead of having third-party applications for different Billing systems we use a single one all over India. This way all the data whether it is Billing or Payment remains under the same roof and you can Pay with various Apps that are compatible with the BBPS system.
But the catch lies in the fact that a lot of banks and applications are yet to comply with the BBPS ToS and have not yet implemented BBPS into their system. This meant that there was a possibility that you made a payment but it was not credited to your Credit Card. Yes, I know that there is a possibility that you get your money back after some period of time but that might be a long time. Banks like HDFC bank, Axis Bank, IDFc Bank, and many more are few banks that are yet to implement BBPS into their system as for applications PhonePe is one app that I know of that has not implemented BBPS and I am sure there was no notifications from them about this as I am a user of at least 2 banks and 1 app.
My Opinion
If you ask me I am not happy with how these banks and apps didn’t even notify their users that there was such a thing going on under the roof which at least I was not aware of.
But as for the BBPS system, I am not sure if this is good for the users as now they could centralize the Credit Card data at a single point and that could be troublesome later down the road, and yes I am far fetching but it never hurts to be extra careful right.
