PhonePe, Paytm & CRED Halt Rental Payments Via Credit Cards

PhonePe, Paytm, and CRED have halted credit card rental payments after the RBI’s new payment aggregator (PA) guidelines. The rules require PAs to process funds only for merchants with direct contracts, barring marketplace-style models without KYC. This impacts users and fintech revenues from convenience fees. Executives foresee onboarding hurdles. The RBI, after flagging P2P credit card payments, now mandates PA categorization and a ₹15 Cr minimum net worth.