Indian credit card bill payment app CRED has launched its new payment method, CRED Pay for members on select merchant platforms. CRED Pay offers members a safe one-click checkout experience using the credit cards saved on a user's CRED app. The new payment system has been developed in partnership with Razorpay and Visa, CRED said in a release, calling the new payment method an easy and "delightful" one-click payment technique. 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 Rs 2000.
CRED says that CRED Pay enables brands to create a direct-to-consumer channel by offering them an instant payment experience on their platforms, reducing dependence on other avenues to sell products and services. Using CRED coins as an incentive for CRED, members also help brands save up on additional advertising costs that 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, CRED said in its announcement.
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 percent 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 other such brands.
"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," the company said while making the announcement.