Fintech unicorn CRED has launched a UPI payment offering ‘Scan & Pay’, putting the company in direct competition with the likes of Google Pay, PhonePe, Paytm and others. 

The service will be limited to CRED members, who can now make UPI payments from their bank accounts linked to the CRED app, by scanning any QR code. To become a CRED member, one needed to have 750 or above credit score. 

The UPI payment experience will include flairs and skins, 2x rewards on partner merchants and dynamic messaging. The company has also added features like CRED Protect for allowing users to create an alias UPI ID instead of using the default one including their phone number. Also, in case of a transaction failure, CRED will ensure that the users money is returned back to their bank account without the need to raise any complaint ticket. 

Commenting on the launch, CEO Kunal Shah said,  “Our vision with CRED was to encourage and reward responsible financial behaviour. We have influenced that by constantly giving them good avenues to save, spend and even loan money. Today, we are launching Scan and Pay. This feature is going to reimagine the UPI experience that so many Indians have gotten used to and make it super delightful.”

Focus on creditworthy customers

Further, responding to whether this feature will be offered to non-CRED users as well, a company spokesperson told BusinessLine, “Our focus has always been to build for trustworthy and credit-worthy consumers and that continues to be the case. Having such a focus will result in phenomenal positives for both users and merchants.” The company currently has 9 million users and about 2,000-2,500 merchants engaged with CRED offerings. 

As scan and pay gain traction, CRED expects the number of merchants to grow. “We don’t measure merchant numbers in tonnage, unlike other payment companies. We are focused on quality and specific merchants where CRED users are likely to transact. There is no point in onboarding everybody for the sake of it,” the spokesperson added. 

While the company did not comment on revenue and growth figures, the spokesperson said that as CRED users have many things to do on the platform, the fintech company will be able to engage and retain them better. Started as credit card bill payment platform, CRED has today expanded its services to include a low-risk investment product called Mint, lending product CRED Cash, payments suite CRED Pay, and shop & rewards product CRED store.

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