RBI mandates full KYC for payment aggregators; halts rent payments via credit cards

Payment aggregators could be staring at a major increase in their operating expenses as the Reserve Bank of India (RBI) has made a full know-your-client (KYC) mandatory for their clients. Additionally, one of their highly remunerative businesses around rent payments has come to a stop under this fresh directive.

People in the know told ET that most of the large fintech applications like Paytm, Cred, PhonePe, and others have halted their rent payment offerings via credit cards.

“For such transactions, the RBI wants payments to be routed through…