RedGirraffe.com, a fintech and real estate technology company, has announced the launch of an innovative FinTech product RentPay (patent pending), which enables cashless rental (Residential & Commercial) transactions between landlords and tenants via CREDIT CARDS. To bring about this revolutionary system, RedGirraffe.com has been working on the FinTech part for nearly over 3 years now thereby studying every possible such model operational in the world. Once the stack was LIVE the company entered into Strategic Technology Interface Integration with all of the most prominent banks and Credit Card Companies operating within India & in the United Kingdom. Few of the banks and Credit Card companies in India that are going LIVE pan India with RedGirraffe’s RentPay (patent pending) platform are SBI-GE Cards, ICICI Bank, HDFC Bank, IndusInd Bank, Axis Bank and Kotak Mahindra Bank. The company remains integrated with 40 of the largest banks operating in India.
With this immaculately timed move, 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 system goes LIVE this week, and given the timing of the launch, the company expects quite a bit of traction. A tenant living anywhere in India can now pay his rent via CREDIT CARDS through RentPay platform.
Manoj Nair, Founder and CEO, RedGirraffe.com, expressed his enthusiasm about the launch, commenting, “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. We hold a studied belief that the entire market of rent payment, “Internet banking transfer based and the CASH based” would pivot to RentPay whereby everyone could pay their rent via CREDIT CARDS. It’s a no brainer due to the various advantages that one gains by merely moving the rental payment from their mundane monthly savings bank transfer to a much efficient and rewarding Credit Card enabled transfer.
Few of the prominent advantages being 45-60 days of FREE credit period, Reward points, Keeping on earning interest on the balance available on ones savings bank account, Getting to Manage one’s CASH-FLOW better, Enjoy additional discount offers forwarded by our partner banks from time to time to such customers using RedGirraffe.com’s RentPay platform. Add to it the country is surely moving towards a strong CREDIT SCORE. Payment of rent via CREDIT CARDS helps cement a strong CIBIL score. A strong CIBIL score in turn gets one better interest rates whenever one were to apply for any loan (eg: Car, Education, Personal, Housing etc) & finally every tenant using RedGirraffe’s RentPay platform gets to avail a one-time 5 days brokerage discount in every such city that RedGirraffe.com either currently operates (Noida/NewDelhi/Gurgaon) or plans to launch its operation (Mumbai, Pune, Hyderabad, Bangalore, Chennai and Ahmedabad) in the nearest of future.”
Commenting on this association, Mr. Anil Ramachandran, EVP & Head – Marketing & Corporate Communication and Retail Unsecured Assets, IndusInd Bank said, “The tie-up with RedGirraffe.com will offer convenience to its target audience, consisting primarily of landlords and tenants, for processing their payments in a cashless mode through their credit cards. This would be a step ahead towards delivering online and digital payment experiences that are simple, non-intrusive, rich in relevance and which are truly cross-channel, covering social and commerce platforms”.
RedGirraffe.com has been conceived by a dedicated team of IIT, LSE and HBS Professors and Alumni, with the goal of disrupting FINTECH/REALTECH part of rental market in few selected emerging market cities, which at present remains highly unstructured and marked by lack of TRUST and TRANSPARENCY. The company has rolled out its services in three cities in India, using a tech-augmented approach to provide end-to-end solutions to the chaos of the real estate landscape. Unlike other real estate sites, RedGirraffe.com does not exit the scenario once an agreement has been made between the landlord and the tenant. In-fact, with its Pan India FINTECH platform RentPay layout, the Company intends to usher in substantial transparency into the otherwise opaque and CASH heavy industry of residential and some part of Commercial rentals.
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. RentPay also solves the issue of the sector’s TRUST deficit, as landlords will no longer keep their properties vacant due to the dread of dealing with highhanded brokers. The banks’ KYC policies will also ensure a stringent verification process for tenants, which will be further enhanced by RedGirraffe’s own unique, evolved algorithm that runs high quality verification processes.
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. Given the company’s interest in efficiently consolidating the estate agency network in India by creating a team of trained 600 estate agents per city, the company believes that its payment product of its FinTech arm RentPay would provide opportunities to serve its customers in a much more efficient way than the current best practices prevalent anywhere else globally.
The company believes that with the recent DEMONETISATION drive, India is just about ready to take off in terms of huge CREDIT CARD based payment transactions. RedGirraffe.com holds a steadfast belief that it would endeavour to create a WoW factor in terms of consumers pivoting to move their rental pay outs on to RentPay platform. As a backward integration the company plans to launch a Massive PAN INDIA Prop-Tech Disruption within the unorganised brokerage network.