Fintech unicorn Cred has launched an offline UPI-based ‘Scan and Pay’. This will enable users to scan QR codes and directly pay from their bank accounts, as reported by the Economic Times.
As per the Economic Times report, the company has already completed its pilots. It will soon start rolling out the solution throughout this year at select merchant outlets. The start-up aims to encourage its users to use the app for scanning QR codes at high-end retail stores such as supermarkets, fast-food restaurants, beauty salons, fashion outlets, and other lifestyle retailers.
This product intends to cater to merchants who deal with substantial transaction amounts and their clientele who pay through credit cards. On April 19, the Economic Times reported that Cred was trying to build its offline payment facilities.
As per data released by the National Payment Corporation of India (NPCI), Cred had 132 million transactions in March, making it the fourth largest UPI app. The largest market share of UPI as of now is held by PhonePe, followed by GooglePe and Paytm.
Recently, Cred also received in-principle approval from the Reserve Bank of India (RBI) for its payment aggregation business. Once Cred gets the payment aggregation license, it can settle and transfer funds by itself. Currently, it is running CredPay in partnership with other companies.
As per the report, the app will also offer rewards to customers for every payment transaction, irrespective of the payment mode that they choose. Retailers have the option to apply for this device, which comes in different types: a portable "pocket" device, a "kiosk" designed for busy locations, or a dynamic QR code display unit. The "kiosk" will let customers place orders and make UPI payments directly through the device.
