 "Cred launches new features as it expands financial services products")
Fintech firm Cred on Monday announced the launch of payment products for its customers, including a wallet feature on its app, that it will roll out in phases this month.
Besides this, the company’s other offers include extension of its rewards to merchant partners, and a partnership with card network Visa.
The launch of new features comes as the Bengaluru-based firm looks to expand its suite of financial products for its user base, including members and merchants, pegged at 14 million.
Similar to other prepaid payment instruments (PPIs), customers would be able to preload cash on their wallet, which they can use across major merchant brands such as Swiggy Food and Instamart, BookMyShow, Urban Company, among others.
The wallet would not require a PIN (Personal Identification Number) or an OTP (One Time Password). Users would be able to transact using the feature after completing requisite KYC (Know Your Customer) procedures.
The firm added that it is extending its rewards offering to select merchants on its network. Partner merchants, including inaugural names such as food aggregator Swiggy and travel booking company ixigo, would be enabled to offer vouchers and cashbacks across any payment method.
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Meanwhile, its partnership with Visa would enable users to use their card details saved on the app across merchants without re-entering information.
“This feature, powered by device tokenisation technology, caters to members who often shop at smaller or niche merchants where cards may not be saved. By linking tokenised card details directly to the member’s device, Cred enables a more secure and efficient checkout,” the company said in a statement.
Since the past year, the firm has rolled out multiple new products, including Cred Money for personal finance management, a vehicle services product Cred Garage, and Cred Travel for travel bookings.
It acquired wealth management platform Kuvera in February.