Vijay Shekhar Sharma’s Paytm will now allow you to pay your rent without any hassle as it has expanded its rent payments feature, further helping tenants to transfer their monthly rent to their landlords’ bank account through their credit cards.
As part of the newly announced feature, 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.
To use this feature, one needs to select the "Rent Payment" option from the "Recharge & Pay Bills" section on Paytm Home Screen and after that he/she will be able to transfer money directly from the credit card to the landlord's bank account.
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 dashboard on the app also allows users to track all rent payments, reminds about payment due dates and sends instant payment confirmation to landlords.
Soon, payments through credit cards will be enabled for other recurring expenses such as tuition fees, house-help's salary, etc., the company said in a statement.
Narendra Yadav, Vice President - Paytm said, " 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 will continue its market leadership in rent payments and we are expecting to process rents worth Rs. 300 crores by March '21.”
