CRED, PhonePe and Paytm have halted credit card rent payments after the Reserve Bank of India (RBI) issued new rules for payment aggregators. The apps were found to be unavailable when they were checked.
RBI’s rules require payment apps to complete KYC of landlords before processing such payments. Two days after the guidelines were announced, the companies temporarily suspended the service under pressure, despite having more time to comply.
NoBroker and Housing may also stop credit card rent payments soon, sources said. CRED and PhonePe were the worst affected as they were the leading platforms for this service. The companies have not yet responded to queries.