CRED is rolling out a buy now pay later service and tap to pay functionality for Indian fintech platforms to expand their offerings and drive engagement and monetization on their platforms.
Cred flash, the Bangalore-based start-up’s foray into the ‘buy now, pay later’ category, allows customers to connect seamlessly on the app with over 500 partner merchants, including Swiggy, Zepto and Urban Company. You can make payments to and settle invoices for free within 30 days. .
Customized credit provided to your customers allows them to pay bills, recharges, and other expenses with a single swipe, without having to wait for an OTP authorization code. The service, provided by RBI-registered NBFC Parfait Finance and Investments Pvt Limited, will initially be rolled out to select customer groups, the startup said.
The BNPL product is the latest in a series of new products in recent years that have seen CRED move to make its eponymous fintech app a bigger part of its customers’ lives.
The startup also offers customers the ability to lend to each other at “inflation-beating” rates on its platform, and last year launched Scan and Pay, a fast UPI QR payment that allows customers to earn rewards for each transaction with merchants. bottom. Also use an alias to protect his identity.
With 16 million users, CRED started life as a utility tool for tracking and paying credit card bills. The app only onboards customers with a credit score of at least 750, thus serving some of the most trusted customers in India. This threshold has made CRED a more viable testbed for additional financial services. Even though these services have existed on other platforms for years.
A handful of startups in India offer “buy now, pay later” services, but many of the big names in this category, including Zip-backed ZestMoney, have audiences with less history with credit bureaus. It struggles financially as it mainly caters to the base.
CRED said it is also rolling out a tap-to-pay feature that allows users to make payments using their credit cards on their mobile phones by simply tapping the terminal machine. The feature will first roll out to his NFC-enabled Android smartphones, requiring members to unlock their phones before tapping his PoS on his machines at merchants.
“Tap to Pay addresses CRED members’ need for a fast, simple, and secure offline payment experience. Tap to Pay uses secure card tokenization technology to store card tokens on the device. said the startup.
The startup, backed by Sequoia India, QED, Tiger Global and Ribbit, is aggressively focusing on growing revenue to launch more monetization engines, says founder and CEO Kunal Shah said in an exchange earlier this year. “Members are involved in multiple products, and monetization kind of points us in the right direction,” he said.
