CRED, PhonePe, Paytm stop rent payments via credit cards

CRED, PhonePe, and Paytm have suspended rent payments using credit cards on their platforms following the Reserve Bank of India's (RBI) recent master directions on payment aggregator regulations issued on September 15, 2025. These new guidelines require payment aggregators to ensure that a marketplace onboarded by them does not process payments for any seller outside the platform, effectively mandating full KYC compliance for landlords. Conducting KYC for landlords is a costly and complex process, leading these fintech firms to halt the service proactively despite having more time technically to comply. NoBroker and Housing are expected to follow suit shortly. The suspension significantly impacts CRED and PhonePe, major facilitators of rent payments through credit cards. The move signals increased regulatory scrutiny over payment aggregators to enhance payments security and compliance, particularly regarding peer-to-peer financial transactions. Meanwhile, users will need to revert to traditional rent payment methods such as online banking transfers or cheques until further clarity is provided.