Fintech firm Cred on Monday announced the launch of new payment products for its customers, including members and merchants, that it will roll out in phases this month.
The company’s latest offerings include a wallet feature on its app, extension of its rewards to merchant partners and a partnership with network Visa.
The introduction of new features coincides with the Bengaluru-based company’s aim to broaden its range of financial products for its user base of 14 million. Like other prepaid payment instruments (PPIs), customers can load money onto their wallets, which they can then use at major merchant brands such as Swiggy, Instamart, BookMyShow, Urban Company, and others.
The wallet would not require a PIN or an OTP. users would be able to transact using the feature after completing necessary KYC procedures.
The company added that it is widening its rewards offering to select merchants on its network. Partner merchants, including notable names like food aggregator Swiggy and travel booking platform ixigo, will be able to provide vouchers and cashbacks for any payment method.
Meanwhile, its collaboration 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 tokenization technology, caters to members who often shop at smaller or niche merchants where cards may not be saved. By linking tokenized card details directly to the member’s device, Cred enables a more secure and efficient checkout,” the company said in a statement.
Since last year, the company has released multiple new products, including Cred Money for personal finance management, a vehicle services product Cred Garage and Cred travel for travel bookings.
