Bangalore: CRED, a high-trust community of creditworthy individuals, brands and institutions, has launched ‘CRED Pay,’ a new payment experience for members on select merchant platforms. CRED Pay offers members a safe and delightful one-click checkout experience using credit cards already saved on CRED. The product launch follows a successful and incredibly promising pilot with over 30 merchants, who experienced larger basket sizes and improved customer satisfaction. CRED Pay has been developed in partnership with Razorpay and Visa.
CRED Pay enables brands to create a direct-to-consumer channel by offering them an instant payment experience on their platforms, reducing their dependence on other avenues to sell products and services. Using CRED coins as an incentive for CRED members also helps brands save up on additional advertising costs that they would otherwise bear on traditional pay per click models. It also helps emerging brands access and engage high-spending CRED members who have a high lifetime value and drive the majority of consumption on most platforms. For established brands, CRED Pay helps increase ticket sizes by enabling seamless payments on credit cards. The 30 merchants who participated in the program – including The Man Company, Man Matters, Epigamia, Damensch, and Vahdam Teas – found that the CRED members, on average, spend 40% more than the average consumer when shopping online. Over the next two months, CRED Pay will be rolled out on Big Basket, Dineout, and ixigo among others.
Harshil Mathur, CEO and Co-Founder, Razorpay said, “In the last 6 months, we’ve witnessed a 35% growth in demand for credit cards on our platform. We are delighted to work with CRED to deliver a frictionless payment experience to card users and drive growth for businesses as credit usage expands.”
CRED has always incentivised good financial behaviour, providing members rewards that enable them to live a good life. CRED Pay helps expand this proposition by enabling members to get the same rewarding experience that they get on CRED, on partner merchant platforms; members spend their CRED coins to claim exclusive offers on their purchases, in the process creating new trusting relationships with partner brands. CRED Pay is integrated with Visa Safe Click, a new product by Visa that eliminates the need for an OTP and CVV for transactions under INR 2000.
T R Ramachandran, Group Country Manager, India, and South Asia, Visa said, “As people get more familiar with credit cards, it is important to reduce the points of friction in digital payments in order to improve customer stickiness. We are delighted to provide this safe, instant, one-click checkout experience through Visa Safe Click on CRED Pay.”
“CRED Pay enables instant, safe, and secure payments on credit cards, making spends on merchant platforms as delightful and rewarding as paying bills on CRED. By simplifying checkout, CRED Pay will expand the use of credit cards for online payments and enable merchants to offer an instant payment experience on their platforms,” said Kunal Shah, Founder, CRED.