Credit card payments application CRED on Monday announced the launch of UPI-based peer-to-peer payments to create an elevated UPI experience for members.

Share Market Live

NSE

Describing the payment system, the company said that CRED UPI P2P will let users have access to a trusted and rewarding payment experience, when they ‘pay anyone’ - be it CRED members, or non-members; by searching their contact list, adding phone numbers, or UPI id’s.

The newly added feature will also help members to access ‘smart recommendations’ which provide them reminders on recurring payments. The company has also promised transactions to remain safe and make payments while on call, or during high-value transactions.

Also read: Blinkit 'temporarily unavailable' as delivery workers protest against new pay structure

Additionally, the company has added a feature pertaining to the ongoing IPL in which members sending money to 5 friends through CRED UPI P2P, during the CRED powerplay, stand a chance to win 5 Tata IPL 2023 VIP match tickets. Also, Members who send money to a friend during a match stand a chance to win 100 percent cashback on any bill.

The UPI-based newly introduced transaction system further has the WIN-WIN feature that is activated after a member uses the UPI P2P experience for payments to ‘special contacts’. This lets both the payer and recipient get rewarded through cashbacks credited to one’s CRED balance that can be redeemed on any bill payment or store transaction on CRED.

CRED is fully digital for members only credit card bill payment platform that rewards users for clearing their credit card bills on time. Admission to CRED is based on credit score for individuals.

The latest update comes after the launch of Scan & Pay, which allows members to ‘pay everywhere’ through UPI. Members now have multiple payment options available to them on CRED- from offline payments (UPI P2P, Scan & Pay, Tap to Pay), online merchant payments (CRED Pay, CRED flash) and bill payments.

Also read: Mitsubishi Electric to set up AC manufacturing plant at Mahindra's Chennai industrial park