RentPay, a platform for cashless rental transactions

FinTech and real estate technology platform RedGirraffe has launched RentPay, a global platform to enable cashless rental transactions between landlords and tenants via credit cards.

RedGirraffe.com has become the first and only company globally to enable residential and commercial monthly rental payments to be transacted via credit cards. The company remains integrated with 40 of the largest banks operating in India.

Commenting on the innovation, Manoj Nair, Founder and CEO, RedGirraffe.com, “We are pleased to launch RentPay (patent pending) in India; the only FinTech platform globally that enables rental payments to be made through credit cards. It’s a no-brainer due to the various advantages that one gain by merely moving the rental payment from their mundane monthly savings bank transfer to a much efficient and rewarding Credit Card enabled transfer.

Based in Delhi, the team has plans to launch its operations in Mumbai, Pune, Hyderabad, Bangalore, Chennai and Ahmedabad in the nearest of future. RedGirraffe.com has been conceived by a dedicated team of IIT, LSE and HBS Professors, and Alumni, with the goal of disrupting fintech part of the rental market in few selected emerging market cities.

Given the recent demonetisation policy, RentPay is being launched at a very appropriate juncture and is an empowering solution to the hassles currently related to large cash transactions or mundane online transfers. This move will surely curtail the movement of undocumented cash to a phenomenal extent, as the $20 billion Indian residential rental market involves almost 90% transactions in cash.

Going forward, RedGirraffe.com aims to constantly evolve RentPay offering by adding multiple additional use cases and make it a household product to an increasing number of urban Indians. The company has also initiated financial intermediary integration in the United Kingdom as well.