How Technology Is Revolutionizing Rental Payments

Rental payments in India have always been managed through cash transactions or bank transfers, most of it without appropriate documentation or receipts.

- SARIKA SHETTY

This lack of transparency has led to numerous difficulties for both landlords and tenants. The residential rental market has been ripe for change for a while. It seems like that moment has arrived.

Fintech is actively revolutionizing and reshaping the largely informal and unstructured residential rental market.

Leading this change from the forefront are digital payment platforms. The inflow of digital payment solutions in the market today has changed the face of rental transactions. These platforms are actively facilitating smoother rent payments via UPI, credit/debit cards, and e-wallets. Furthermore, the user-friendly features and integrated accounting tools in these platforms are improving the convenience factor for landlords and tenants.

Fintech apps have come up with systems that enable tenants to set up recurring rent payments. Similarly, a single dashboard to check all rent payments by the tenants lessens the administrative burden of the landlords. The systems send auto reminders for paying rent, generate rent receipts and offer financial reports, in order to streamline the rental processes.