Kunal Shah’s new offering, CRED, is ready to disrupt the payments market in a brand new way. This platform is planning to change the way most consumers pay their credit card bills, by integrating Unified Payments Interface in their functionalities. Though Cred is currently tested within a closed group via Axis Bank, when it launches, it will be integrated with multiple other banks as well.
A spokesperson of the company said “The reason why Cred wants to be on UPI is that it wants to bring in a one-click checkout experience for consumers who are paying their credit card bills on Cred,” The person also elaborated by saying “This could make the payment experience for users really smooth.”
In order for such UPI payments to work, the brand will be giving consumers the @axisb handle to direct the payments correctly. Amazon pay had also done something similar when they launched their UPI interface and used the handle @apl. This helped consumers quickly pay for any products that they had purchased on Amazon. Furthermore, Amazon had also conducted close group testing with Axis Bank as well.
A spokesperson who knows about this deal said “With the integration with UPI, for one, the payment experience will become smooth for the consumer, second, it will ensure that transactions do not fail during peak days of the month when most of them are settling their bills,”
Cred recently raised funding worth 24 Million USD from Sequoia and Ribbit Capital.