According to the CRED press release, “While UPI has created a revolution in digital payments with a focus on utility, CRED seeks to move beyond being transactional- creating an elevated UPI experience for members. This experience hinges on making payments instant, secure, and rewarding.”
On CRED, members can now choose from a variety of payment methods, including bill payments, scan-and-pay, tap-to-pay, UPI P2P, CRED Pay, and CRED flash for online merchants.
Also read: Which UPI payments will attract interchange fee? Will you have to bear the cost?
Key features of CRED’s UPI P2P experience:
Seamless
Payment Reminders for Recurrent Transactions: Members can get “smart recommendations” while using the UPI P2P experience on CRED, which gives them reminders on reoccurring payments.
Secure
According to the CRED press release, “Nudges for Payment Protection: CRED will provide proactive nudges in potentially risky payment scenarios, making transactions safer. These nudges show up when members make payments while on call, or during high-value transactions.
Custom VPA for Enhanced Privacy: CRED Protect will actively nudge members to protect their identity through a system generated alias UPI ID- helping them mask personal details like mobile numbers and ensuring privacy. Once Custom VPAs are activated, payments will be made via members’ alias UPI ID by default.”
Rewarding
When a member uses the UPI P2P experience to make payments to ‘special contacts,’ the WIN-WIN feature is enabled. This allows both the payer and the recipient to be compensated with cashbacks credited to one’s CRED balance. This balance can be redeemed on any CRED bill payment or retail transaction. Aside from WIN-WIN, members will receive cashbacks and prizes on every payment they make using CRED P2P.
What is UPI
The Unified Payments Interface (UPI) is a system that integrates several bank accounts into a single mobile application (of any participating bank), combining different banking services, smooth fund routing, and merchant payments under one hood. It also handles “Peer to Peer” collect requests, which can be scheduled and paid according to need and convenience.
Participants in UPI
- Payer PSP
- Payee PSP
- Remitter Bank
- Beneficiary Bank
- NPCI
- Bank Account holders
- Merchants
Benefits of UPI for merchants
- Seamless fund collection from customers – single identifiers
- No risk of storing customer’s virtual address like in Cards
- Tap customers not having credit/debit cards
- Suitable for e-Com & m-Com transaction
- Resolves the COD collection problem
- Single click 2FA facility to the customer – seamless Pull
- In-App Payments (IAP).