Recognizing that rent payments can take on various forms, Indian digital payments startup Paytm has broadened its rent payment services to encompass new categories such as auto and furniture rentals, wedding venues, catering and décor, in addition to guesthouse rentals, the company announced in a Thursday (Dec. 16) press release.
Customers can also use Paytm to pay rent on their home, as well as shop rentals, property deposit and brokerage fee, according to the announcement. Users can track and manage payments for all rental services from the same dashboard on the Paytm app.
Payments can be made directly to the payee’s Unified Payments Interface (UPI) ID for bank deposits. The company offers a wide array of payment methods including credit and debit cards, Paytm UPI, buy now, pay later (BNPL) and netbanking.
Paytm is also offering the ability to earn rewards, as well as cashback of up to 10,000 rupees ($131) for rental payments made via credit card.
Paytm’s latest advancement comes on the heels of this week’s announcement that its former president, Amit Nayyar, was hired by JPMorgan Chase & Co. to lead its advisory work with European FinTech companies, according to PYMNTS.
Nayyar, who will start with JPMorgan on Dec. 20, left Paytm prior to the company filing in November for what would be India’s largest initial public offering (IPO) at $2.4 billion.
See also: Ex-Paytm President Picked Up by JPMorgan to Lead European FinTech Coverage
Earlier this month the company received its first buy rating, according to PYMNTS. Brokerage firm Dolat Capital Market Pvt. said Paytm should reach profitability by March 2026.
A buy rating, according to Investopedia, is an analyst’s recommendation to buy a stock or security.
In terms of Paytm, Dolat said the company transitioned from a “want” to “need” status, positioning the company as “one of the strongest digital brands to garner significant share of opportunities,” PYMNTS reports.
Read more: Paytm Gets First ‘Buy’ Rating Following Rocky IPO
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