CRED announces launch of UPI-based Peer-to-Peer (P2P) payments

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.