- CRED Guarantee launched on all credit card bill payments made on time via CRED
- Members can make all bill payments on CRED instantly, which is now a BBPS COU
CRED, the most rewarding payments platform for the affluent, is introducing new initiatives as part of its mission to enable financial progress.
Credit card bill payments will be settled faster than ever before, with CRED now a certified COU (Customer Operating Unit) on Bharat Bill Payment System (BBPS), the infrastructure on which bill payments in India are routed.
With this, CRED members will have access to all billers onboarded on BBPS, and can continue enjoying the CRED experience – including rewards – while making all bill payments.
CRED was already the largest Agent Institution on BBPS in July, processing over ₹15,000 crore in bill payments across all compliant banks. CRED contributed to ~40% of the growth in value of payments processed on BBPS from June to July. COU certification enables CRED to forge more partnerships with large billers and banks to come on board BBPS. This means consumers can be empowered to pay more of their bills on time and get rewarded for it. In fact, CRED members have avoided over ₹981 crore in late fees over the past 12 months.
Over the past five years, CRED has ensured fast, secure, and reliable credit card bill payments across issuers, with 99.5% of bills settled in under five minutes. The CRED Guarantee is a reassurance that bills will be settled on time, with CRED committing to bear late fees if charged in the rare instance of late settlement. This is applicable as long as they’ve paid their bills in full on CRED on or before the due date.
Over 14 million members have paid over ₹13.2 lakh crore of credit card bills on CRED, and over 4 million members have seen their credit score increase due to timely payments in 12 months. The new initiatives are aimed at expanding the advantages of prudent financial behaviour to everyone.
Noopur Chaturvedi, Chief Executive Officer (CEO), NPCI Bharat BillPay (NBBL), said, “BBPS is a seamless, secure, and efficient platform that empowers both customers and billers to foster a more efficient financial ecosystem. We are happy to welcome CRED – the most rewarding payments platform for affluent – as an OU on BBPS. This will enable greater convenience for consumers, and we look forward to further expanding the scope and potential of India’s Digital Public Infrastructure.”
Kunal Shah, founder, CRED, said, “CRED started with a mission to catalyse financial progress by enabling the trustworthy to pay their bills on time. With the COU certification, we can settle payments on time, every time, and guarantee its settlement. Digital Public Infrastructure – such as UPI, account aggregator, and BBPS – has been a platform for fintech innovation and I look forward to empowering CRED members with more products to progress in their financial journey.”
