NoBroker Introduces ‘NoBroker Pay’ Feature for Rent Paymentby PCQ Bureau January 2, 2019 1 comment
Owing to rapid urbanisation and more job opportunities, the demand for rental homes is on the rise. A typical Indian pays 30-40% of their salary on rent every month. In 2018, rent inflation was upwards of 10% in key metro cities. Millennials today are used to getting things at the click of a finger. With the steady increase in rentals and other expenditures that are part and parcel of city life, millennials today struggle with liquidity crunch. They are, quite literally, living out of credit cards. Traditionally rent is paid through cash, cheque or NEFT with no digital receipts. To make the renting process easier NoBroker.com has introduced “NoBroker Pay” which allows users to pay their rent using any credit cards, debit cards, UPI wallet or Net Banking.
Though renting a house is now a much simpler process with the advancement in technology, transferring the rent is still quite a hassle for many. There are multiple benefits of making rent payment using cards such as card rewards, digital rent receipt and auto debit. One doesn’t need to remember when rent is due as all those details need to be entered just once. All one needs to do is enter payer and payee details. Every month one day prior to the date set for paying rent, both the parties get notified.
The feature makes rent payment a seamless process. Apart from adding convenience and generating instant rent receipts, one can also use the feature to pay maintenance and deposit which is upwards of INR 50,000 per month in most cases.
The feature became an instant hit with the owners who have started encouraging the tenants to use it as it gives them assurance of timely payment.
Akhil Gupta, co-founder and Chief Technology Officer of NoBroker said, “The total amount of annual rent paid in India through various channels is estimated at $50 billion. We endeavour to be a one stop shop for all home rental needs. With NoBroker Pay we don’t just connect home-seekers and home-owners directly but also ensure that settling down and staying is just as seamless an experience as finding the right property. Rent payment through credit cards offers an element of sweet delight in the form of reward points and we have always believed in helping the consumer save money. It is encouraging to see that over 10,000 customers have already started using the service. We hope to continue in our stride to build consumer-focused solutions.”
NoBroker.com is known to have made a dent in the residential real estate space by eliminating the middlemen from the process of house search. The company also launched one its most popular consumer-focused features- Travel Time Search which helps one measure distance in time instead of miles and the visitor and security management app- NoBrokerhood in 2018.
The company aims at bringing all home shifting and settling needs under its umbrella and already has services like packers and movers, rent agreements, furniture on rent, home-cleaning, etc. as add-ons. In a short span, it has become the largest player in online space with 15,000 closures in a month saving INR 1000 crore of brokerage annually.