This certification allows Cred to establish more partnerships with major billers and banks on the BBPS platform, speeding up credit card bill payments made through the app. Additionally, Cred users will gain access to process bill payments across all billers available on the BBPS network, the company said on Friday.
Developed by the National Payments Corporation of India (NPCI), BBPS is a unified platform that facilitates all forms of bill payments across India.
The Reserve Bank of India (RBI) recently mandated that all credit card bill payments made through third-party applications like Cred must be routed through BBPS.
Cred said that it processed over Rs 15,000 crore in bill payments across compliant banks in July, making it the largest agent institution on BBPS for the month. The company contributed to approximately 40% of the growth in the value of payments processed on BBPS from June to July, it added.
“Cred started with a mission to catalyse financial progress by enabling the trustworthy to pay their bills on time. With the COU certification, we can settle payments on time, every time, and guarantee its settlement,” said Kunal Shah, founder, Cred.
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The company has also introduced a new feature called the ‘Cred Guarantee.’ This ensures that bills will be settled on time, with Cred committing to bear any late fees if charged in the rare instance of a late settlement. However, this guarantee is applicable as long as users have paid their bills in full on Cred on or before the due date.This comes at a time when Cred is evaluating secured credit disbursals through its platform and has conducted a market study and spoken with its lending partners, looking to launch two-wheeler, four-wheeler and home loans among other products, as reported by ET on June 11.
Cred also received in-principle approval from the RBI for the payment aggregation (PA) business.