CRED certified as BBPS Customer Operating Unit. How will it work?

CRED has announced significant upgrades to its services. The platform has been officially recognised as a Customer Operating Unit (COU) on the Bharat Bill Payment System (BBPS). With this, credit card bill payments can be settled faster than ever before.

By becoming part of the BBPS network, CRED now has the capability to process bill payments seamlessly across all integrated billers, streamlining the payment experience for its customers.

According to CRED, its involvement in BBPS activities facilitated approximately 40% of the growth observed in BBPS payments between June and July, underscoring the platform's significance in driving payment transactions within the system.

Key features

1. As a Bharat Bill Payment System Customer Operating Unit, CRED can now facilitate the processing of bill payments for all billers connected to the BBPS network.

2. The data presented by CRED indicated that this particular operation contributed significantly to the 40% surge in BBPS payments from June to July.

3. The introduction of the CRED Guarantee, which represents a significant aspect of this recent enhancement, is a key feature.

4. It ensures that all credit card bill payments made through CRED are settled promptly.

5. In the rare case of any delay, CRED commits to covering late fees for users who have paid their bills in full on or before the due date.

CRED noted that it was already the largest Agent Institution on BBPS in July, processing over Rs 15,000 crore in bill payments across all compliant banks. CRED contributed to ~40% of the growth in value of payments processed on BBPS from June to July. COU certification enables CRED to forge more partnerships with large billers and banks to come on board BBPS. This means consumers can be empowered to pay more of their bills on time and get rewarded for it. In fact, CRED members have avoided over ₹981 crore in late fees over the past 12 months.

Over the past five years, CRED has ensured fast, secure, and reliable credit card bill payments across issuers, with 99.5% of bills settled in under five minutes. The CRED Guarantee is a reassurance that bills will be settled on time, with CRED committing to bear late fees if charged in the rare instance of late settlement. This is applicable as long as they’ve paid their bills in full on CRED on or before the due date. 

Over 14 million members have paid over  Rs 13.2 lakh crore of credit card bills on CRED, and over 4 million members have seen their credit score increase due to timely payments in 12 months. The new initiatives are aimed at expanding the advantages of prudent financial behaviour to everyone.

 “BBPS is a seamless, secure, and efficient platform that empowers both customers and billers to foster a more efficient financial ecosystem. We are happy to welcome CRED - the most rewarding payments platform for affluent - as an OU on BBPS. This will enable greater convenience for consumers, and we look forward to further expanding the scope and potential of India’s Digital Public Infrastructure,” said Noopur Chaturvedi, CEO, NPCI Bharat BillPay (NBBL).

“CRED started with a mission to catalyse financial progress by enabling the trustworthy to pay their bills on time. With the COU certification, we can settle payments on time, every time, and guarantee its settlement. Digital Public Infrastructure - such as UPI, account aggregator, and BBPS - has been a platform for fintech innovation and I look forward to empowering CRED members with more products to progress in their financial journey,” said Kunal Shah, founder, CRED.