India’s leading digital payments platform Paytm has announced that the Rent Payments feature is being expanded and now adds even more value for anyone who needs to pay their monthly home rent. There is now a cashback of up to Rs 1,000 in place for any and all rent payment transactions done using a credit card. And if you are making this transaction using a linked credit card that has the option, that’ll be eligible for reward points as well. Paytm is competing with the likes of CRED and NoBroker in the house rent payment space. Paytm also confirms that they will soon enable recurring payments through credit cards for tuition fees for your children, house help’s salary and more.
How this works is that you open the Paytm app on your phone and head to “Recharge & Pay Bills” section on the app. Here, select “Rent Payment” and follow the steps to transfer your monthly rent due to the landlord’s bank account—you will need to source your landlord’s bank account details for this. You will be able to make the payment using UPI, credit card, debit card and net banking. You will also be able to track all rent payments on the new dashboard, as well as get reminders about the due rent and also send instant payment confirmations to the landlord. We guess they’ll really appreciate that.
“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,” says Narendra Yadav, Vice President – Paytm. The payment platform hopes to process rents to the tune of Rs 300 crores by March 2021. This is part of Paytm’s larger commitment to making recurring payments simpler, and these include utility bills, credit card bills and more.