CRED, PhonePe, and Paytm Halt Credit Card Rent Payments Following RBI Guidelines

Major fintech platforms CRED, PhonePe, and Paytm have suspended credit card rent payment services in response to the Reserve Bank of India’s (RBI) new regulations. The RBI recently issued guidelines tightening rules around recurring credit card payments and third-party facilitation, prompting these companies to halt services temporarily. CRED, PhonePe, and Paytm stated that the move ensures compliance with RBI rules and protects users from potential regulatory risks. Customers who previously used these platforms to pay credit card bills on behalf of others will need to switch to alternative payment channels until further updates. Industry analysts suggest that these measures aim to enhance transparency, reduce fraud, and ensure the proper use of credit instruments under the updated RBI framework.