how does instant credit card payment work?
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-so BBPS has some role in paymen t
-surprisingly site like mobidik have even instant payment confirmation , you make payment and confirmation SMS cum form bank
-while even payment on bank website take time to update
-customer care have that usualy 3-5 days update req no idea clueless ans.
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u mean credit card companies will still impose late charges even if i got confirmation message
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BBPS is the key intermediary, or you can consider it like a sort of infrastructure which is facilitating bill payments between end user and business.
Regarding instant payment confirmations, I think that works on real time promise. So when a user makes payment and biller receives that payment, they've to send a confirmation that they've received payment. This is more like a promise rather than actual settlement, because BBPS is not bothered by how much time biller takes to settle that payment to customer account.
And as per BBPS rules, information to customer via sms is necessary for all stages, therefore we get confirmation msgs that payment has been received by the biller. Credit card issuers are like, if we've received the money for any particular bill, its an underwritten understanding that payment has been made, hence they confirm even before actually settling the payment.
In above context, 'billers' can be anyone who is generating the bill like banks (for credit cards), or utility companies like electricity boards, telecom, water, etc.