PhonePe, Paytm & CRED Halt Rent Payments Via Credit Cards

Rent payments routed via fintechs were impacted as landlords are not often onboarded on fintech platforms with full KYC

This follows RBI’s new mandates, which direct PAs to aggregate funds only for the merchant with whom it has a contractual relationship

With this, many fintech players have lost a lucrative segment, which brought additional revenue from convenience fees and boosted card spending

A day after the Reserve Bank of India (RBI) issued new master directions for payment aggregators (PAs), fintech giants…