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CRED Enables Easy Credit Card Bill Payments Via BBPS

Inc42 · 1y ago

CRED Enables Easy Credit Card Bill Payments Via BBPS

CRED has become a certified customer operating unit (COU) on the Bharat Bill Payment System (BBPS), enabling credit card holders to pay their bills instantly. This move comes after the Reserve Bank of India (RBI) mandated that all credit card bill payments through third-party applications must go through BBPS. In addition, CRED has launched a new feature called CRED Guarantee, which facilitates timely repayment of credit card outstanding amounts.

Related News

Issues with credit card bill payments through third-party apps

Economic Times

Economic Times · 1y ago

Issues with credit card bill payments through third-party apps

The Reserve Bank of India (RBI) has mandated that credit card bill payments be processed through the Bharat Bill Payment System (BBPS) starting July 1. This move aims to enhance security, reduce fraud, and bring standardized grievance redressal to credit card transactions. Currently, only 12 banks are operational on BBPS for credit card bill payments, with major players like HDFC Bank and Axis Bank still in the integration process. Third-party apps like PhonePe, Amazon Pay, and Cred will be impacted as BBPS becomes the default bill payment network, potentially affecting their margins and exclusivity.

Fintech firm Cred receives BBPS customer operating unit certification

Economic Times

Economic Times · 1y ago

Fintech firm Cred receives BBPS customer operating unit certification

Bengaluru-based fintech firm Cred has received certification from NPCI Bharat Billpay to operate as a customer operating unit (COU) on the Bharat Bill Payments System. This certification allows Cred to establish more partnerships and speed up credit card bill payments made through their app. Cred users will also gain access to process bill payments across all billers available on the BBPS network. Cred processed over Rs 15,000 crore in bill payments across compliant banks in July, making it the largest agent institution on BBPS. The company has also introduced a new feature called the 'Cred Guarantee' to ensure timely bill settlements.

Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS

Economic Times

Economic Times · 1y ago

Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS

Fintech startups, including Cred, PhonePe, BillDesk, and Infibeam Avenues, are expected to face disruption as a new regulation mandates credit card bill payments to be processed through a centralized billing network starting July 1. However, major card issuers in India, like HDFC Bank, ICICI Bank, and Axis Bank, have not yet activated the Bharat Bill Payment System (BBPS), potentially causing further complications in the industry.

Cred enters new business segment, launches vehicle management service

Money Control

Money Control · 2y ago

Cred enters new business segment, launches vehicle management service

Cred, the credit card and bill payments fintech unicorn, has introduced 'Cred Garage', a vehicle management service within its app. This new feature offers concierge services, parking services, document management, and spending insights to Cred members. It aims to cater to the high-spending individuals who possess both credit cards and cars. Cred Garage also integrates DigiLocker for easy access to essential documents. This expansion comes as Cred faces challenges with a decline in average UPI transaction value and a shrinking share of the credit card bill payment market.

Credit cards dominate bill payments on Bharat Connect

Economic Times

Economic Times · 1y ago

Credit cards dominate bill payments on Bharat Connect

Credit card bill payments dominate Bharat Connect, an NPCI Bharat Billpay platform, accounting for 64% of transaction value. Electricity and loan payments follow at 13% each. While electricity payments lead in transaction numbers at 28%, credit card payments and Fastag recharges are also significant. Regulatory changes have shifted third-party credit card bill payments to Bharat Connect. In December, Cred processed Rs 32,736 crore, surpassing BillDesk and PhonePe, despite PhonePe leading in transaction numbers.

CRED receives final authorisation from RBI to operate as a payment aggregator

Entrackr

Entrackr · 7d ago

CRED receives final authorisation from RBI to operate as a payment aggregator

CRED receives final authorisation from RBI to operate as a payment aggregator Reserve Bank of India has granted final authorisation to CRED to operate as a Payment Aggregator (PA). The approval allows the company to onboard merchants, process payments on their behalf and manage settlements and refunds across payment instruments. The authorisation has been granted to Dreamplug Paytech Solutions Private Limited, the entity operating CRED’s payment business. With this approval, the company will operate the payment system directly under the regulator’s supervision. The final authorisation comes nearly two years after the in-principle approval granted by the RBI. CRED and its subsidiaries now hold multiple regulatory licences. These include a Prepaid Payment Instrument (PPI) licence from the RBI, a corporate agency licence from the Insurance Regulatory and Development Authority of India, a registered investment advisor licence from the Securities and Exchange Board of India, and a TPAP licence from the National Payments Corporation of India. During FY25, CRED processed payments worth over Rs 8.5 lakh crore on behalf of more than 1.5 crore users. The company says more than one-third of credit card bill payments in India are currently made through its platform. Founded by Kunal Shah, CRED enables users to manage credit card payments, track credit scores, and monitor financial activity across accounts through its platform.

Zoho Rolls Out Zoho Payments To Streamline B2B Transactions

Inc42 · 1y ago

Zoho Rolls Out Zoho Payments To Streamline B2B Transactions

Zoho Payments, a new offering from the company, enables businesses to accept payments through different methods like UPI, net banking, and cards. The B2B payments capabilities of Zoho Payments are powered by NPCI's Bharat Bill Payment System (BBPS). Zoho obtained a payment aggregator license from the RBI earlier this year.

Cred receives in-principle approval from the RBI for payment aggregation business

Economic Times

Economic Times · 1y ago

Cred receives in-principle approval from the RBI for payment aggregation business

Fintech company Cred has received provisional approval from the Reserve Bank of India (RBI) for its payment aggregation (PA) business. Once it obtains the final approval, Cred plans to expand its merchant payments services, similar to companies like Razorpay and Cashfree. The company currently operates a credit card bill payment platform and offers a checkout option through partnerships with other payment companies. With the final PA license, Cred will be able to settle and transfer funds independently. It also has plans to introduce offline payments and QR code-based transactions.

Cred launches offline QR code-based ‘scan and pay’ payments

Economic Times

Economic Times · 1y ago

Cred launches offline QR code-based ‘scan and pay’ payments

Fintech unicorn Cred has introduced offline retail payments at large format stores after completing successful pilots. The company aims to roll out the solution at select merchant outlets throughout the year. The app allows customers to scan QR codes and make payments at premium retail outlets, such as supermarkets and restaurants. Additionally, Cred offers rewards for every payment transaction, which can be offset against credit card bills. The new terminals powered by Razorpay POS and Pine Labs enable merchants to provide personalized rewards and accept payments via UPI.

Fintechs must build collection muscle to scale lending business: Cred founder Kunal Shah

Economic Times

Economic Times · 11m ago

Fintechs must build collection muscle to scale lending business: Cred founder Kunal Shah

Cred founder Kunal Shah emphasized that fintech startups must focus on building collection capabilities to ensure the sustainability of their lending businesses, as the challenge lies in loan recovery rather than disbursement. He highlighted that fintech is fundamentally a trust-based industry, necessitating a strong collection system. Cred, initially a credit card bill payments platform, has diversified into various lending and financial products, and is pursuing measures to enhance trust and revenue opportunities in the fintech space.

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