Pay rent directly from credit card to landlord’s bank a/c: Paytm’s new facililty

FILE PHOTO: Workers adjust a hoarding of Paytm, a digital payments firm, in Ahmedabad, India.  (REUTERS)

Digital monetary companies platform Paytm on Tuesday introduced the growth of its Lease Funds characteristic. Now, the tenants can even switch their month-to-month hire immediately to the checking account of their landlords by way of their bank cards.

The corporate has additionally introduced a cashback of as much as 1000 on such transactions. In addition to incomes cashback on each transaction, customers may even be capable of accumulate bank card factors.

For paying to the owner, the consumer merely wants to pick “Lease Fee” from the “Recharge & Pay Payments” part on Paytm Residence Display. Customers can switch cash straight from the bank card to the owner’s checking account.

Paytm additionally provides the flexibleness to make hire funds by way of different cost modes resembling UPI, Debit Card, Internet Banking. To make it hassle-free, the consumer solely has to enter the owner’s checking account particulars and nothing extra. The revolutionary dashboard additionally helps to trace all hire funds, reminds about cost due dates and sends on the spot cost affirmation to landlords.

Narendra Yadav, Vice President – Paytm mentioned, “Home hire is one the best recurring bills for tenants in our nation. Inside few months of the launch, our Lease Fee characteristic is already enabling hundreds of thousands of customers to take care of liquidity in these unsure instances and pay the hire as per their bank card cycle. With the growth of this service, Paytm will proceed its market management in hire funds and we predict to course of rents value Rs. 300 crores by March ’21.

The corporate is dedicated to creating all recurring funds resembling utility payments, bank card payments, and so on. hassle-free for customers throughout the nation. Quickly, funds by way of bank cards will probably be enabled for different recurring bills resembling tuition charges, house-help’s wage, and so on.

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