Overview
- RBI’s September 15 master directions bar payment aggregators from operating as marketplaces and require them to aggregate funds only for merchants with whom they have contractual relationships.
- PhonePe, Paytm and CRED have switched off rent payments via credit cards, with users now directed to traditional options like bank transfers or cheques.
- Tenants lose reward points and the credit period benefits that made card-based rent payments popular, affecting monthly cash‑flow strategies for many users.
- Industry sources cite the cost and complexity of re‑KYCing landlords as the reason for pausing services, and say the regulator is expected to meet firms to seek feedback.
- The rulebook also sets fresh authorisation and capital norms for non-bank PAs, including applying by December 31 and meeting net‑worth thresholds of INR 15 crore rising to INR 25 crore; the segment had been lucrative with 1–2% convenience fees as banks already pared rewards in 2024.