CRED, PhonePe, and Paytm have stopped rent payments via credit cards on their platforms, according to sources familiar with the matter. The move follows the Reserve Bank of India’s latest master directions on payment aggregator regulations.
Tests conducted by a digital payments tracker confirmed that rent payment via credit card is currently unavailable on these apps.
“CRED, PhonePe, and Paytm suspended the rent payment service just two days after the new guidelines were issued. While they technically have time until later this year to comply, the companies acted immediately under regulatory pressure,” said one source, who requested anonymity.
Under RBI’s directions on KYC and due diligence for payment aggregators, a platform must ensure that any marketplace onboarded does not process payments for sellers outside the platform. This effectively requires apps like CRED, PhonePe, and Paytm to complete KYC for landlords, a process considered both complex and costly.
Sources added that platforms such as NoBroker and Housing are also expected to suspend rent payments via credit cards in the coming weeks.
“CRED and PhonePe have been impacted the most, as they were the leading platforms facilitating rent payments through credit cards,” the source noted.
Requests for comment sent to CRED, PhonePe, and Paytm did not receive immediate responses. Updates will be shared as and when the companies respond.
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