Cred flash, the startup's BNPL service, will allow customers to make seamless payments on the app and across over 500 partner merchants.
CRED is expanding its offerings by rolling out a buy now, pay later service called Cred Flash, and a tap to pay feature.
Cred Flash will allow customers to make seamless payments on the app and across over 500 partner merchants, including Swiggy, Zepto, and Urban Company.
Customers will be able to clear the bill at no charge within 30 days.
Additionally, the startup is introducing the tap to pay feature, which enables users to make payments through their credit cards with a tap on the terminal machine. The feature will first roll out to NFC-enabled Android smartphones and will require users to unlock their phones before tapping on the merchant's PoS machine.
CRED has also announced that the customized credit extended to customers will allow them to make bill payments, recharges, and other expenses with a single swipe and without having to wait for an OTP authentication code.
The service is initially rolling out to a select group of customers and is powered by RBI-registered NBFC Parfait Finance and Investments Pvt Limited. CRED has become a more feasible testbed for additional financial services, given its threshold of onboarding only those with at least a 750 credit score.
With 16 million users, the startup has already expanded its offerings to include lending to one another on the platform at “inflation beating” rates and fast UPI QR payments. The startup's aggressive focus on growing its revenue has been setting them in the right direction, according to the founder and CEO, Kunal Shah. Backed by Sequoia India, QED, Tiger Global, and Ribbit, CRED is looking to boost engagement and monetization on the platform.
Exciting times ahead for Indian fintech enthusiasts as CRED continues to expand its offerings and make its eponymous fintech app a bigger part of its customers' lives!
