Personal Finance News

Paytm’s new Rent Payment Feature launched

As a part of the newly announced feature, Paytm will now allow users to pay their rent without any hassle as it has expanded its rent payment feature.

This feature enables tenants to transfer their monthly rent to their landlords’ bank account directly through their credit cards.

The company has come up with a cashback of up to Rs 1000 on such transactions and users will also be given an option to accumulate credit card points.

Besides this, Paytm users can make rent payments through other modes such as UPI, Debit Card, Net Banking and users will be asked 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.

The digital financial services platform, on Tuesday further announced that payments through credit cards will be enabled for other recurring expenses such as tuition fees, house-help’s salary, etc.

For paying rent to the landlord, the user simply needs to select “Rent Payment” from the “Recharge & Pay Bills” section on Paytm Home Screen.

Within a few months of the launch, the 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.

However, with the expansion of this service, Paytm will continue its market leadership in rent payments and is expected to process rents worth Rs.300 crores by March ’21.

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