Benguluru-based fintech startup CRED is rolling out new features this week – that’ll let users pay merchants with just a tap on the POS terminal while also letting them buy goods now and pay for them later.
Named CRED Flash, the BNPL feature is available across 500 online merchants like Swiggy, Zepto, UC, etc. Users can spend now and pay back CRED within 30 days to avoid any charges. This feature will be rolled out to selected users initially, followed by everyone later.
CRED’s New Features for Spending
CRED is one of the many fintech startups that’s aggressively burning money to grow. Though it amassed 16 million users in India, it faces tough competition from rivals offering similar services. Well, to stand out from them, the company has today announced two new features.
One among them is CRED Flash, a buy now pay later scheme to let users spend now on services they want and pay back CRED within 30 days without any charges. This can be used against 500+ merchants that CRED has partnered with, including Swiggy, Zepto, and Urban Company.
This support is coming to selected users initially and to everyone later on. Once available, users can make bill payments and recharges with just a single swipe instantly. This process skips the need for waiting for an OTP authentication code. CRED says this system is Parfait Finance and Investments Pvt Limited, an NBFC registered with the RBI.
Well, CRED’s buy now pays later scheme isn’t the only one in India, with Zip-backed ZestMoney doing it for years. But CRED may gain points since it’s got the country’s most trustworthy customers – by letting only those with 750+ credit scores join the platform.
The company is also rolling out support for a Tap to Pay feature – that allows users to make payments instantly at POS terminals. Users can simply login into their CRED app and pay merchants with their credit cards by just tapping on their POS machines. Well, this too, is coming to NFC-enabled Android smartphones first and to everyone later.