Payment system, Paytm, will be expanding its rent payment feature. Under this feature, the tenants can also transfer their monthly rent instantly to the bank account of their landlords through their credit cards.
The company stated that it offers a cashback of up to Rs 1,000 on such transactions. Besides earning cashback on every transaction, users will also be able to accumulate credit card points, the company stated.
How to avail this offer, user will have to:
Simply ‘Rent Payment’ from the ‘Recharge & Pay Bills’ section on Paytm Home Screen.
Enter landlord’s bank account
Transfer money directly from the credit card to the landlord's bank account.
The dashboard also helps to track all rent payments, reminds about payment due dates and sends instant payment confirmation to landlords
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 innovative dashboard also helps to track all rent payments, reminds about payment due dates and sends instant payment confirmation to landlords.
Narendra Yadav, Vice President - Paytm said, "House rent is one the highest recurring expenses for tenants in our country. Within a 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 is expecting to process rents worth Rs 300 crore by March 2021.
