CRED introduces the Buy Now, Pay Later service and the one-touch payment feature.
Source: Pixabay.com
The expansion of the functionality available to users is taking place against the background of the fintech platform’s efforts to increase the level of engagement and improve monetization indicators.
CRED, a startup headquartered in Bangalore, will provide customers with the ability to make seamless financial operations in the app and through more than 500 partner firms, including Swiggy, Zepto, and Urban Company. Users will also be able to pay bills for free for 30 days.
An individual loan will allow customers to pay bills and top them up, make other expenses with one touch, and without having to wait for an OTP authentication code. This was reported by representatives of the startup, whose value currently exceeds $ 6 billion. The new service provided by the NBFC Parfait Finance and Investments Pvt Limited, registered with the RBI, will initially be available to a separate group of clients, about which there is no information yet.
The BNPL product is the latest in a series of new offerings from CRED in recent years. Currently, the startup’s efforts are aimed at making the fintech application an organic part of the everyday life of customers.
The startup also offers consumers the opportunity to lend to each other on the platform at rates that minimize inflationary risks. Last year, the firm launched the Scan and Pay function and its fast QR transactions in the Indian UPI payment system. This expansion of functionality allowed customers to receive remuneration for every operation they performed for sellers, and to protect their identity with the help of aliases.
CRED, which currently has a user base of 16 million people, at the initial stage of its existence was a utility for tracking and paying credit card bills.
The startup’s application supports only those customers with a credit rating of at least 750. This requirement has made CRED a suitable testing ground for additional financial services, even if offers have existed on other platforms for many years.
CRED is introducing a touch payment feature to allow users to make transactions via smartphones with a single tap on the terminal. This feature was first implemented on NFC-enabled Android smartphones,
Tap to Pay meets the need of CRED customers for fast, easy, and secure offline payment. This feature uses secure card tokenization technology to store card tokens on the device.
The startup, supported by Sequoia India, QED, Tiger Global, and Ribbit, is actively focusing on increasing its revenue as it launches more monetization mechanisms. The corresponding statement was made by the founder and executive director of the company Kunal Shah earlier this year. He also noted that monetization as one of the priorities of the activity makes it possible to modernize the development strategy most effectively and form a goal-setting that is correct from the point of view of prospects.
CRED was founded in 2018. In the summer of 2022, during the financing round of series F, the startup raised investment funds for $ 80 million.
As we have reported earlier, B2B BNPL Playter Launches Credit Solution Paid.
