Housing.com launches platform on its mobile app for rent transfers using credit cards

New Delhi: Property portal Housing.com has launched 'Pay Rent' platform on its mobile app for rent transfers using credit cards. The platform will lets tenants to transfer the rents directly to landlord’s bank account and generate digital receipts instantly. 

The 'Pay Rent' platform has so far completed 5,000 transactions by way of restricted invites. Os of these were through credit cards and and is targeting 3 lakh transactions by the end of the current fiscal, the company said in a statement.

When the tenants will pay rents through this platform, they get up to 4 percent rewards points and cash-back on their credit cards for using their credit limit to transfer rent.

The company is aiming to reach USD 1 billion in annual rental transaction run rate by end of the current fiscal. 

“Rent is probably one of the biggest expenses borne by individuals on a monthly basis. The COVID-9 pandemic has made people want to keep cash in hand due to economic uncertainty in the near future. Housing.com’s 'Pay Rent’ platform will allow users to maintain their liquidity if needed over the next couple of months by using their credit cards for rent transfers as it allows flexibility in repayment,” says Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com. 

Credit card usage and timely repayment will also improve the credit score of the user, thereby helping get credit limit enhancement. 

This platform will let people to make timely rent payments, that too without cash. The tenants can also chose for EMI moratorium on their credit cards for a few months to tide them over any liquidity crisis. The rent transfer facility will be available on the platform for almost all modes of digital payments including UPI and debit card. This product is right now ‘app-only’ and will be launched on Housing.com’s website in the near future.