Paytm, a digital financial services platform, on Tuesday announced to have brought in a new 'Rent Payments' feature. This feature enables tenants to transfer their monthly rent to their landlords’ bank account directly through their credit cards.
The company also announced a cashback of up to ₹1,000 on such transactions. Besides earning cashback on every transaction, the users will also be able to accumulate credit card points, said Paytm.
How to pay rent directly from your credit card to the landlord's bank account?
"For paying rent 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," the company said in its official blog.
"We also give 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, reminds about payment due dates and sends instant payment confirmation to landlords," it added.
Narendra Yadav, Vice President - Paytm said, "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."