CRED is an Invite only Credit Card Bill Payment App. Entry to CRED App requires a minimum CIBIL score of 700. The USP of CRED is its rewards points offered to its members for paying credit cards bills via CRED App.
The Rewards are highly personalised depending on the
member’s location, spend pattern, spend categories etc.
Another CRED USP is the
CRED protect feature. CRED Protect Feature is
an AI backed system which is designed to track the complete journey of member’s
credit card transactions i.e right from the transaction till the payment.
CRED
Protect Feature reminds members of the due dates, analyses spend patterns,
displays rewards points and other credit card statistics.
For CRED Protect Feature to be
active, the member has to update the email id on which Credit Card Statement is
received.
CRED just rolled out two new
features on its APP i.e CRED Stash and RentPay.
‘CRED
Stash’ is a Personal Loan product, aiming to offer a low-interest instant
credit line, through a pilot with IDFC First Bank
‘RentPay’
is for monthly rent payments using credit cards.
Both
the products are designed to increase the members interaction with CRED App,
instead of accessing the app only for payment of credit card bills.
The
curated rewards on the CRED App also are designed for increased interaction
between members and CRED App.
Valuable
statistics about CRED members can be collected via RentPay.
These statistics can assist CRED Team to further fine-tune
its offerings.
The
next step to increase CRED App usage and encourage CRED Stash
can be #BBPS.
The
popularity of BBPS is on the increase. On an average, every day 5 lac Bill Payments
are taking place on BBPS.
170+
billers are LIVE on BBPS with new billers being added every week. New Biller categories
too are getting on-boarded.
Bharat
Bill Payment System (BBPS) is an integrated bill payment system in India
offering interoperable and accessible bill payment service to customers through
a network of agents of registered member as Agent Institutions (AI) enabling
multiple payment modes, and providing instant confirmation of payment.
Key Benefits for CRED to integrate #BBPS
into its platform.
01)
A
good chunk of credit card transactions are towards Electricity, Water, Society Maintenance,
Phone Bills, Taxes, Education Fees, Local Taxes, FASTag Recharge, insurance
premiums. Loan EMIs via Credit Cards are still rare. Members will be happy to pay
their BBPS bills via CRED App if the payment process is smooth and the famed
CRED AI assists them in choosing the best credit card for payment.
02)
Bill
Payments have a high recurring mode and members will access more and more the
CRED App for day to day activities.
03)
Members
will be encouraged to pay not only their own bills, but also bills of their
friends and relatives.
Requisites:
A)
Integrate with a BBPOU. Level of Difficulty
- Medium – CRED has tied up with AXIX Bank for it’s UPI handle and Axis Bank is
active on BBPS platform too.
B)
Finalise the BBPS Payment Modes. Level of Difficulty – Medium – There can be only two
Payment Modes i.e UPI and Credit Cards. UPI payment is already active on CRED.
Credit Card Payment too is already active on CRED.
C)
Build a matrix for the member to decide the
best Credit Card for payment of BBPS Bill. The matrix should display the 1) Due
Dates of the linked credit cards 02) Approximate reward points per credit card
for the specific transaction. Level of Difficulty -
Medium – CRED already displays the due date.
D)
Build
a matrix for ‘CRED Stash’ Credit Line for members to avail if and when required
to pay their BBPS Bills. Level of Difficulty –
Medium – This is not a difficult matrix as the basic blocks are in
place.
E)
Reminder Matrix – Once the member fetches the
respective bill, an reminder matrix for payment of the same. Almost all billers
offer 15 days grace period. The reminder matrix can assist the members to pay their
bills 3 days before the due date, instead of paying on the bill generation
date. Level of Difficulty – Medium
So, when will CRED
activate #BBPS on its App?
Disclaimer: As
#friendofBBPS, my only Aim is to the Average Transaction Amount and Bills
Volumes on BBPS. Nothing More, Nothing Less
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