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Users need to select "Rent Payment" from the "Recharge & Pay Bills" section
New Delhi: Paytm on February 9 announced that tenants can transfer their monthly rent amount into the bank accounts of their landlords through their credit cards.
The company has also announced a cashback of up to Rs 1,000 on such transactions. Users will also get credit card reward points.
“House rent is one the highest recurring expenses for tenants in our country. Within few months of the launch, our Rent Payment feature is already enabling millions of users to maintain liquidity in these uncertain times and pay the rent as per their credit card cycle. With the expansion of this service, Paytm will continue its market leadership in rent payments and we are expecting to process rents worth Rs. 300 crores by March ’21,” said Narendra Yadav, Vice President – Paytm.
Users need to select “Rent Payment” from the “Recharge & Pay Bills” section. Money can then be directly transferred from the credit card to the landlord’s bank account.
Paytm is also giving the flexibility to make rent payments through other payment modes such as UPI, Debit Card, Net Banking. To make it hassle-free, the user only has to enter the landlord’s bank account details and nothing more. The innovative dashboard also helps to track all rent payments, gives reminders about payment due dates and sends instant payment confirmation to landlords.
The company stated in the press release that soon payments through credit cards will be enabled for other recurring expenses such as tuition fees, house-help’s salary, etc.