PhonePe, Paytm & CRED Halt Rent Payments Via Credit Cards

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SUMMARY

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…



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PhonePe, Paytm & CRED Halt Rent Payments Via Credit Cards


SUMMARY

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…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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