Freecharge founder Kunal Shah’s brain child Cred is likely to go live on Unified Payments Interface (UPI) in a month's time. The Economic Times quoted two people familiar with the matter saying a beta is being run in a closed user group as per the guidelines of the National Payments Corporation of India.
While the testing is being done in partnership with Axis Bank, it could go live with multiple banks as well, issuing handles to its users through the application, the ET report said.
“The reason why Cred wants to be on UPI is that it wants to bring in a one click check out experience for consumers who are paying their credit card bills on Cred. This could make the payment experience for users really smooth,” said one of the sources.
Cred plans to tap into 44 million credit cards in the country.
“There is a lot of lack of awareness around credit card payments among a majority of people. They don’t understand many of the charges levied in their statements. Cred wants to address the lack of financial knowledge among consumers and how they should manage their money,” Shah told ET last year.
“Secondly, there is a gap in understanding the benefits of having a good credit score. We realise that 2-3% Indians fall in this bracket but most are not doing a great job with their financial goals, so we want to create a community of people and service them,” he added.
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