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Tag: UPI Payments

  • CRED launches P2P UPI payments on its app

    CRED launches P2P UPI payments on its app

    Fintech major CRED has launched peer-to-peer UPI payments on its app, allowing CRED members to transact with CRED members or non-members by searching their contact list and adding phone numbers, or UPI ids.

    The service will be limited to CRED members. To become a CRED member, one needs to have 750 or above credit score. “While UPI has created a revolution in digital payments with a focus on utility, CRED seeks to move beyond being transactional- creating an elevated UPI experience for members. This experience hinges on making payments instant, secure, and rewarding,” the company said in a statement.

    The new payment experience has been introduced after the launch of Scan & Pay in October 2022. As scan and pay gain traction, CRED expects the number of merchants to grow. Now with the launch of P2P UPI payments, CRED members will have multiple payment options including offline payments (UPI P2P, Scan & Pay, Tap to Pay), online merchant payments (CRED Pay, CRED flash) and bill payments. 

    Key features

    Other key features of CRED’s UPI P2P Experience are payment reminders for recurring transactions, option to create a custom VPA and mask personal details like mobile numbers from their UPI id. CRED recorded a net loss of ₹1279 crore in FY22 even though its revenue jumped by almost 340 per cent from ₹95 crore in FY21 to ₹422 crore in FY22.

    The company’s losses have more than doubled from ₹524 crore in FY21. In an earlier conversation with  businessline, CEO Kunal Shah attributed the losses to the company’s focus on building a community of members and building the brand. CRED said it has grown to a base of 11.2 million members in FY22 as compared to 7.5 million in FY21. 

    The four-year-old start-up rewards customers for paying credit card bills and has built multiple user cases for its customers including cash, mint, pay, credit card bill payment, max, rewards, store and travel. 

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  • 76% Indians more likely to use UPI as payment mode during online shopping, study shows

    76% Indians more likely to use UPI as payment mode during online shopping, study shows

    One or two clicks is all Indians want while making payments during online checkouts as 76 per cent Indians are more likely to use Unified Payment Interface (UPI) as a mode of payment during online checkouts, according to a recent survey by the US-based financial services technology solutions provider FIS on Indians’ willingness to adopt embedded finance. It further stated that 84 per cent of the millennials surveyed prefer to use UPI during online shopping.

    Embedded finance refers to consumers having unique, tailored financial services delivered to them by non-financial companies.

    Is UPI the only thing that consumers look forward to while shopping online? Well, that’s not it as users also want to explore and purchase within apps/browsers and from social media platforms. While 78 per cent Indians would go for fashion products (clothing, shoes and accessories), 70 per cent would purchase groceries within social media apps. 

    In the next 12 months, 63 per cent of those surveyed would go for in-app/in-browser vouchers whereas 55 per cent of them would buy insurance. 

    Going ahead, the survey underlined that customers also look for instant gratification and incentives while shopping on e-commerce platforms. Around 72 per cent factor in discounts and offers whereas 63 per cent prefer in-app purchases since they are more convenient and come with rewards and cashbacks. 

    On the other hand, 63 per cent of those surveyed consider the convenience of two clicks as a major factor dictating their buying patterns on social media apps. Talking of buying patterns on social media, 92 per cent are concerned about purchases on social media platforms. 

    While 56 per cent are apprehensive due to fraudulent sellers on these platforms, 62 per cent fear experiencing fraud transactions while making in-app purchases. 

    Commenting on the overall trends outlined by the survey, FIS mentioned, “Customers of today expect seamless purchasing experiences and embedded services carry the promise to deliver them. However, the transparency involved in such offerings also needs to be considered by merchants to ensure the safety of their customers, while delivering an enjoyable payment experience.”

    Also read: Rs 1.51 lakh crore! GST revenue for October second-highest ever

    Also read: No more chutta: How UPI is spelling doom for the candy business

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