Indian digital payment platform Paytm has expanded its ‘Rent Payments’ feature by allowing users to pay their rent using their credit cards.
Tenants can now use their credit cards to transfer their monthly rent amount to the landlords’ bank account instantly.
Paytm is also rewarding the tenants by offering a cashback of up to INR1,000 ($13.72) on every transaction.
Additionally, users will get credit card points, which they can accumulate and redeem.
The ‘Rent Payments’ feature can be accessed from the ‘Recharge & Pay Bills’ section on Paytm Home Screen.
To make the payment, users only need to enter the bank account details of the landlord.
They can also use the ‘Rent Payments’ dashboard to track all rent payments, set reminders about payment due dates and send an instant payment confirmation to landlords.
Paytm also allows users to pay rent using other payment modes like Unified Payments Interface (UPI), debit cards, and net banking.
Paytm VP Narendra Yadav 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 2021.
“The company is committed to making all recurring payments such as utility bills, credit card bills, etc hassle-free for users across the country.
“Soon, payments through credit cards will be enabled for other recurring expenses such as tuition fees, house-help’s salary, etc.”