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CRED launches Scan and Pay feature for UPI payments

The fintech unicorn will award double reward points for payments made to their partner merchants, besides deals on brands and cashback on transactions

CRED launches Scan and Pay feature for UPI payments
POSTED ON October 03, 2022 3:48 PM

Finance management platform Cred has launched ‘Scan & Pay’, a Unified Payments Interface (UPI) payment experience for members on the app. These members can make UPI payments from their bank accounts linked to the CRED app by scanning a QR code. 

The Scan & Pay feature aims to enhance the utility of the fintech platform, driving value for members in addition to credit cards by adding a trust layer to UPI. Moreover, it creates new opportunities for merchant partners with 2X rewards. It also makes the payment experience safer with inbuilt features offering more privacy, payment protection and transparency with dynamic messaging. 

Since every scan and pay payment is protected on Cred, members can initiate another transaction if the payment is stuck and awaiting confirmation from the recipient’s bank. The amount will be credited back if payment is debited or did not reach the recipient and is later deemed successful.  

Moreover, using Scan & Pay, Cred actively nudges members to protect their identity by creating an alias UPI ID. This helps them mask personal details like mobile numbers, ensuring enhanced privacy during payments. Once Custom virtual payment addresses (VPAs) are activated, payments will be made via members’ alias UPI ID by default. 

Kunal Shah, founder of Cred, said, “The country’s top 1 per cent have set the stage for how India consumes, and we believe they deserve an experience that celebrates their contribution. India has been leading digital payments adoption with made-in-India products, and UPI is delta-4 enabling infrastructure for innovation at scale. The all-new CRED pay experience builds on this with privacy-first features, personalisation and other member exclusives.”

With Scan & Pay enabled on Cred pay, retail merchants can offer an instant payment experience and build relationships with member customers with a high propensity for spending. 

Dreamplug Technologies, which operates Cred, is backed by Tiger Global and Falcon Edge Capital (Alpha Wave). It is looking at picking up a minority stake in Mumbai-based LiquiLoans by investing $10 million. 

In 2021, the fintech unicorn partnered with Trillionloans Fintech, which operates LiquiLoans, to roll out Cred Mint. This service allows members to lend to one another at up to a 9 per cent interest rate.

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