Digital financial services platform Paytm on Tuesday declared the augmentation of its Rent Payments feature. Now, the holders can also transfer their monthly rent immediately to the bank account of their landlords through their credit cards.
The company has also declared a cashback of up to ₹1000 on such transactions. Besides earning cashback on each transaction, users will also be able to collect credit card points.
For paying to the landlord, you just need to select “Rent Payment” from the “Recharge & Pay Bills” section on the Home Screen of Paytm. Users can transfer money straight from the credit card to the landlord’s bank account.
Paytm also gives the compliance to make rent payments by other payment modes such as UPI, Debit Card, Net Banking. To make it easy, the user only has to enter the bank account details of the landlord and nothing more.
The innovative dashboard also helps to trace all rent payments, also reminds about payment due dates, and sends immediate payment confirmation to landlords.
Narendra Yadav, Vice President – Paytm said, “House rent is one the highest recurring charges for renters in our country. Within few months of the launch, our Rent Payment feature is already allowing millions of users to maintain liquidity in these unsettled times and pay the rent as per their credit card cycle. With the augmentation 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.
The company is authorized to making all recurring payments such as utility bills, credit card bills, etc. Easy for users across the country. Soon, payments through credit cards will be authorized for other recurring expenses such as tuition fees, house-help’s salary, etc.