From July 1, you will not be able to make credit card payments of 26 banks through fintech companies like PhonePe, Cred, BillDesk. This is because, after June 30, all credit card payments will be processed through a centralized billing network Bharat Bill Payment System (BBPS). For this, banks will have to enable BBPS compliance. So far, only 8 out of a total of 34 banks have enabled BBPS compliance. 26 banks have not enabled it. These 26 banks also include HDFC, ICICI and Axis, which have issued more than 5 crore credit cards. This includes 2 crore credit cards of HDFC Bank, 1.7 crore of ICICI Bank and 1.4 crore of Axis Bank. BBPS is active in the credit cards of 5 out of the top 10 banks. Payment industry demanded extension of deadline. Economic Times has reported in its report that the payment industry has demanded extension of deadline by 90 days. The Payments Council of India has filed a petition with the RBI in this matter. However, the regulator has not taken any decision on this yet. BBPS created by NPCI Like UPI and RuPay, BBPS has also been created by the National Corporation of India (NPCI). Bharat Bill-Pay is an interface, which is available on apps like Cred, PhonePe, BillDesk, Bhim, Paytm, Mobikwik. Through this, all bills can be paid on a single platform. 20% tax may be levied on spending more than Rs 7 lakh through credit card abroad. Spending through credit card abroad may come under the purview of Tax Collection at Source (TCS). According to media reports, an official related to the matter said, ‘With the increase in the number of Indians going abroad, spending through credit card is also increasing. In such a situation, the Reserve Bank is working on changes in the Liberalized Remittance Scheme. If it is implemented, then those spending more than Rs 7 lakh through credit card will have to pay 20% TCS.
