Axis Bank CC Payment via CRED before BBPS onboarding

[Anshit]

RBI mandate is for all banks to be live on BBPS so even small payment apps can process CC bills for it's customers using BBPS API. Indirectly RBI doesn't want monopoly of any one app in this sector.

Now there are 100s of platforms processing CC bills. But BBPS has own limitations.

And IMPS NEFT is old style OG payment system, which cannot be shut off.

BBPS ia just an extra option, while payment apps have to decide that they want BBPS API or build own credit card payment system using IMPS NEFT method.

Hope all doubts cleared now.

Thank you for clearing it up...I blame the news outlets for the way it was reported and creating this confusion and the mild Panic...

 

[Anshit]

Thank much everyone for your inputs, I really appreciate it....Now how do I close this thread...I am new here

 

[Anshit]

I paid Rs. 1000/- to my Axis Bank CC yesterday evening through CRED. Payment was credited to my card account instantly (IMPS payment) Also, got ₹29 cashback for this transaction

Good on you! I will be lucky if I get ₹2 and some useless coupons from CRED

 

[D₹V]

Thank much everyone for your inputs, I really appreciate it....Now how do I close this thread...I am new here

You don't need to close. Now newbies will come to you, ask & you'll explain it better .

 

[Anshit]

Just posting this link here for anyone is looking for an answer https://www.moneycontrol.com/techno...-board-now-article-12780663.html?classic=true

 

[Anshit]

Everytime I try to end with it Cred, it comes up with something for me to hang on