RBI Rent Payment Rules: India’s leading fintech companies PhonePe, Paytm, and Cred have discontinued the facility for rent payments using credit cards on their platforms. This decision was taken following new guidelines issued by the Reserve Bank of India (RBI) on September 15th.
What is the new guideline of RBI?
RBI has tightened the conditions related to Payment Aggregator (PA) and Payment Gateway (PG).
Also Read: New Payment Rule: RBI Has Implemented New Rules to Make Digital Payments Secure. Check details
- Now any Payment Aggregator will be able to process payments only for those merchants with whom it has a direct contract.
- Payments on the Marketplace model will not be allowed.
- The transaction amount will go to the bank accounts of only those merchants whose full KYC and verification is complete.
Due to this rule, credit card rent payments through fintech apps will no longer be possible as landlords are typically not onboarded merchants.
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