Fintech unicorn CRED has started rolling out a teal-now-pay-latterly (BNPL) service, CRED Flash, and a valve-to-pay point for its users. This service addition will broaden the fintech’s product immolations and boost monetisation. CRED Flash will allow guests to make payments on the app and across further than 500 trafficker mates. Users can also clear the bill at no redundant charge in 30 days. CRED Flash also allows users to make bill payments and recharges.
Parfait Finance, an RBI- registered non-banking fiscal company (NBFC), is backing CRED’s BNPL immolation, the company was cited as saying by a TechCrunch report. Talking about other benefits of CRED flash, the company said “CRED flash aims to remove the disunion of dealing with OTPs, switching to external apps, or high failure rates during checkout. It’ll also enable members to checkout easily without having to stay for OTPs, manually filling out account forms, or codifying shipping and billing information.” Along with CRED Flash, the fintech major has also launched the launch of ‘ Tap to Pay ’ point, which is an NFC-enabled Android device enabling users to make credit card payments from their phone using ‘ Tap to Pay’.
CRED Members can pay with credit cards saved on CRED in two ways: unleash their phone and tap the trafficker’s PoS machine. With CRED Tap to Pay, members can also pierce account information, view sale history, and mileage prices similar to CRED coins and offers. CRED, which was last valued at $6.4 Bn during its $ 140 Mn backing round in June 2022, reported a loss of INR 1,279 Cr for FY22, up 2.4 X from a loss of INR 524 Cr incurred in FY21, due to accessions and marketing charges. At the same time, CRED’s profit from operations grew 4.4 X to INR 393.5 Cr from INR 88.6 Cr in FY21. Backed by investors similar as Sequoia Capital India, Tiger Global, DST Global, GIC Singapore and Alpha Wave Capital, CRED has raised further than $ 800 Mn to date.