India is truly going cashless. Now, the real estate scene is introducing new ways to go cashless. If you’ve been wanting to pay your rent online, then you are in luck.
RedGirraffe is an online real estate startup that has introduced a cashless way to pay your rent online. The product is called “RentPay” and here is how it works.
RentPay is the only FinTech platform in the world that allows tenants (both Residential & Commercial) to pay their monthly rental payments using their Credit Cards. The platform is unique since the proprietary (patent pending) closed wallet payment process allows RedGirraffe.com to forward integrate its payment arm (RentPay) business model into its disruptive business vertical of streamlining national estate agency in India thereby arresting CASH transactions.
The benefits of switching to such a system are:
- 45 – 60 Credit period.
- Chance to improve your CIBIL score. (Not sure if it directly impacts CIBIL score though)
- Earn more points (Kind of like points with credit cards)
So essentially, you have to be on the RedGirraffe platform to be able to make the payment online. That limits your options since you have to find landlords who are registered on the platform to be able to pay the rent online. But nevertheless, this new system is a welcome change in India where the real estate scene is pretty much unorganized.
With platforms like RedGirraffe, as the real estate rental scene gets organized and disciplined, I’m hopeful that there will be more innovative and disruptive products that will make things easier for users.