Cred receives nod from BBPS to operate as a customer operating unit

Fintech major Cred has received approval from the Bharat Bill Payment System (BBPS) to operate as a customer operating unit (COU).

The company claims that with this latest development, credit card bill payments will be settled faster, and its users will have access to all billers onboarded on BBPS.

COU certification will enable the company to partner with large billers and banks to come on board BBPS.

The Reserve Bank of India (RBI)-authorised banks or non-bank institutions that conduct payment collection, settlement, and aggregation business can join Bharat BillPay as operating units, as per the BBPS website.

As an agent institution of BBPS, the company processed over Rs 15,000 crore in bill payments across banks in July.

 

This comes as the banking regulator mandated that payment by credit card should be processed through the BBPS starting July 1.

Business Standard had reported that certain third-party applications had opted to facilitate credit card bill payments exclusively for banks integrated into the BBPS starting from July 1, out of concern for compliance with the RBI’s mandate.

Following this, major credit issuers, including the largest—HDFC Bank—integrated their systems with BBPS for receiving credit card repayments via third-party applications.

Currently, 18 major issuers are live on the platform, including ICICI Bank, SBI Cards, Kotak Mahindra Bank, BoB Cards, and IndusInd Bank. There are now over 30 credit card issuers in the country.

“With the COU certification, we can settle payments on time, every time, and guarantee its settlement. Digital public infrastructure—such as the Unified Payments Interface (UPI), account aggregator, and BBPS—has been a platform for fintech innovation, and I look forward to empowering Cred members with more products to progress in their financial journey,” said Kunal Shah, founder of Cred.

“We are happy to welcome Cred as an operating unit (OU) on BBPS,” said Noopur Chaturvedi, chief executive officer (CEO) of NPCI Bharat BillPay (NBBL).