Paytm, a digital financial services platform, has expanded its rent payments feature enabling tenants to transfer their monthly rent to their landlords’ bank account through their credit cards.
The company has also announced a cashback of up to ₹1,000 on such transactions. Besides earning cashback on every transaction, users will also be able to accumulate credit card points.
Narendra Yadav, Vice President - Paytm said in a statement: "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 ₹300 crore by March '21”.
For paying to the landlord, the user simply needs to select "Rent Payment" from the "Recharge & Pay Bills" section on Paytm Home Screen. Users can transfer money directly from the credit card to the landlord's bank account. Paytm also gives 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 dashboard also helps to track all rent payments, reminds about payment due dates and sends instant payment confirmation to landlords, the statement added.
The company is committed to making all recurring payments such as utility bills, credit card bills, etc., hassle-free for users. Soon, payments through credit cards will be enabled for other recurring expenses such as tuition fees, house-help's salary, etc., it added.