The Indian fintech platform, CRED, is expanding its offerings to boost engagement and monetization on the platform. The buy now and pay later service and a tap to pay feature are intended to engage customers more directly with the platform, potentially leading to increased monetization opportunities.
Cred Flash is redefining the buy now and pay later category by allowing customers to make seamless payment on the app and across over 500 partner merchants including Swiggy, Zepto and Urban Company. This clear the bill at no charge in 30 days service will revolutionize ecommerce for consumers in Bengaluru.
The Parfait Finance and Investments Pvt Ltd. credit extension service is a welcomed addition to the banking sector as it helps reduce the time taken to make bill payments and recharge expenses. The service is especially beneficial to customers who are busy, as they no longer have to wait for an OTP authentication code before making a payment or recharge. This fast, easy way of paying will be particularly helpful for those with busy lifestyles who find it difficult to stay on top of their finances.
Cred is a fintech company that has been expanding its product lineup in recent years, most notably with the launch of its eponymous app. The BNPL product is a tool designed to help borrowers understand their borrowing options and manage their finances better. It offers features such as loan alerts and pre-payment calculators, making it an important part of customers’ financial management arsenals.
The startup has been making waves in the fintech space with its innovative products and services, namely Scan and Pay, which allows customers to easily make payments and earn rewards at the same time. The platform is also beneficial as it protects customers’ identities by using aliases. Therefore, it is no surprise that the startup has become very popular among Indian consumers.
CRED provides a more trustworthy platform for testing additional financial services because it only onboard customers with a 750 credit score. This threshold has helped make CRED a more feasible testbed for new products and services, even if those offerings have existed on other platforms for years.
Though buy now and pay later services are popular in India, many prominent names in the category such as Zip-backed ZestMoney, are struggling financially. This is because most of their audience base has thin credit bureau history.
The credit card tap-to-pay feature could be a big selling point for CRED users, especially since many merchants already have PoS machines set up. It would be convenient for CRED members to not have to take their phones out of their pockets or wallets in order to pay, and it would make shopping more convenient overall.
Tap to Pay is a startup that has developed a technology that uses secure card tokenization to store card tokens on the device. This technology allows users to make payments without having to worry about being hacked or having their information stolen.
The turbulence in the Indian startup ecosystem is likely to benefit a company like WheelHouse, which is aggressively focusing on revenue growth. WheelHouse has already established its presence in the market with its popular content creation tools, and it is now focused on monetizing these offerings through a variety of means. The company’s founders and CEO Kunal Shah are confident that this strategy will pay off over time, provided they continue to invest in new technologies and platforms that allow it to attract new members and generate more income.