Paytm Expands 'Rent Payments' Service to Shop Rentals, Announces Assured Cashback of Upto Rs 10,000

Digital payments platform Paytm has expanded its ‘rent payment’ service that now includes shop rentals, property deposit, token amount, brokerage and other related services. The latest development comes nearly three months after the company expanded the rent payments service to home rents to let users transfer their monthly rent instantly to the bank account of their landlords through their credit cards. The company says that the latest update will allow users to track all their expenses in one place. In order to push customers to pay rent using their credit card via its platform, Paytm is also offering an assured cashback of up to Rs 10,000. In addition to this, new and existing users can also earn rewards from the credit card issuing bank as they pay their rent on Paytm via credit card. These rent payments can be made to the beneficiary’s bank account or UPI address and paid through Paytm UPI, debit card and net banking. Behind all this, Paytm will charge one percent fees on payments via credit card, which the company claims is among the least as per industry standards.

For accessing ‘rent payments’ on Paytm, the user needs to select “Rent Payment” from the “Recharge & Pay Bills” section on the Paytm home screen. The dashboard also helps to track all past rent payments and manage all of their beneficiaries in one place. Speaking more over the development, a Paytm spokesperson said that the home and shop rents are some of the most important and recurring expenses in almost every household in India. “With our Rent Payment service, users can now pay their rent through Paytm using their credit or debit cards, UPI and net banking. It will also bring convenience to our users, who will be able to track all their expenses at one place. By using the option to pay rent using credit cards, we hope people are able to maintain liquidity which is especially important in these uncertain times. To make it more beneficial for our users, we are giving assured cashback of up to Rs 10,000 on rent payment,” the spokesperson added in a statement.

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