CRED Gets BBPS Customer Operating Unit Certification; All You Need To Know About Credit Card Payments

CRED has announced a series of upgrades to its credit card bill payment services, highlighted by its official recognition as a Customer Operating Unit (COU) on the Bharat Bill Payment System (BBPS).

The BBPS, an initiative by the National Payments Corporation of India (NPCI), is a one-stop ecosystem that streamlines and secures various types of bill payments across India. Being recognized as a COU means that CRED is now an authorized entity within this ecosystem, capable of processing bill payments across all billers integrated into the BBPS network. This move is expected to enhance the speed and reliability of credit card bill payments for CRED users.

Noopur Chaturvedi, CEO of NPCI Bharat BillPay (NBBL), highlighted the importance of this certification, stating, "BBPS is a seamless, secure, and efficient platform that supports both customers and billers. We are pleased to welcome CRED as a COU, which will bring more convenience to consumers and further enhance India's Digital Public Infrastructure."

CRED's integration as a COU is not just a win for the platform but also for the BBPS ecosystem at large. According to data shared by CRED, the platform's activities contributed to approximately 40% of the growth in BBPS payments between June and July.

The BBPS system, with its expansive reach and infrastructure, is set to benefit from the increased volume and efficiency that CRED brings as a COU. This integration also aligns with India's broader goals of enhancing digital public infrastructure, fostering innovation in fintech, and ultimately improving the ease of doing digital transactions across the country.

One of the features of CRED's updated bill payment service is the introduction of the CRED Guarantee. This feature is designed to provide users with an added layer of security and peace of mind when making credit card bill payments through the platform. The CRED Guarantee ensures that all credit card bill payments are settled promptly. In the rare event of a delay, CRED commits to covering any late fees for users who have paid their bills in full on or before the due date.

This feature is particularly noteworthy given the impact that timely payments can have on an individual's credit score. Over the past five years, CRED has helped its 14 million members avoid late fees totalling over Rs 981 crore in the past year alone. Furthermore, more than 4 million members have seen improvements in their credit scores due to consistent, timely payments made through the platform. The CRED Guarantee reinforces the company's dedication to helping its users maintain financial health and avoid the pitfalls of late payments.

Kunal Shah, the founder of CRED, expressed his enthusiasm for the COU certification and what it means for the platform's future. "With the COU certification, CRED is equipped to ensure timely payments consistently. BBPS, along with other digital infrastructure like UPI and account aggregators, provides a robust foundation for fintech innovation," Shah said.