India, Sept. 17 -- The Reserve Bank of India's move to tighten regulations for payment aggregators has prompted some of India's largest fintech firms, including PhonePe, Paytm and Cred, to stop rent payments on their platforms, according to a Moneycontrol report.

Rent payments have become a large-volume business with significant topline impact for fintech firms as users relied on credit cards to pay rent and earn rewards, Moneycontrol quoted industry sources as saying, but the central bank's new rules prohibit payment aggregators from acting as marketplaces-which previously allowed them to process rent payments.

"Rent payments were basically happening because PA-PG were acting as a marketplace for landlords without merchant KYC," source...