Consider the older times when buying anything required bartering, whereby another good or service of some worth had to be exchanged for everyone that was obtained. The system was unbalanced and onerous at the same time. Numerous of these problems started to be gradually rectified as fiat currency evolved, but the fact that individuals frequently lack enough money to cover their expenses persisted. In these situations, the magic of credit cards, or the practice of making an advance purchase and paying for it later, comes into play.

We all enjoy using credit cards to indulge in indulgences! The ability to make credit card payments quickly and efficiently is the one criterion we value because these cards play a crucial role in our lives. When we have a variety of credit cards from several banks, each of which has a different billing period, this gets challenging. Imagine an app that collects all of this data, notifies you when payments are due, and even awards you for being on time with your payments. CRED steps in precisely in this situation. In April 2021, this app, which has recently attained unicorn status, transforms into a single platform to handle all our credit cards.

About CRED

CRED, a members-only program launched in 2018, offers its customers special prizes for paying their credit card bills on time.

The platform was created with the intention of simplifying credit card bill payments and rewarding users for on-time payments. The way the application works is straightforward. For Cibil, CRIF, and Experian to check their credit score, they must provide their phone number.

Users are given access to the CRED app if their credit score is 750 or better; otherwise, they are added to a queue. The app checks all credit cards associated with the user's phone number before being added.

Every time a user pays a credit card payment, CRED coins are added to their account. These coins can be burnt to obtain exclusive partner offers in a range of lifestyle areas. These coins can then be used to purchase incentives from companies like Ixigo and FreshMenu in addition to others.

Additionally, the members receive discounts at more than 1,000 physical businesses, including Levi's, Gap, and major online retailers like Amazon and Flipkart, as well as promotions on websites like Zomato and Cult. The members receive CRED coins, which can be used to purchase coupons, for every dollar spent on credit card payments.

The CRED Founder

Kunal Shah, who interestingly graduated from Mumbai's Wilson College with a degree in philosophy and has no prior engineering experience, founded CRED. He discontinued his studies at the Narsee Monjee Institute of Management Studies for his MBA (NMIMS).

In addition to serving as the Chairman of the Internet and Mobile Association of India from 2015 to 2017, he has served as an advisor to the boards of Bennett Coleman & Co Limited, Y Combinator, and Sequoia Capital India.

He has served as a mentor for many of Asia's well-known firms, including Unacademy, RazorPay, Go-Jek, and Zilingo, among others, and is also an active angel investor.

PaisaBack, a cashback and promotional platform for organized shops, was Kunal's first successful enterprise. While the platform continued to function independently under his direction, he later shut it down to launch FreeCharge with Sandeep Tandon in August 2010. Snapdeal later purchased FreeCharge in 2015. In the month of July 2017, Axis Bank purchased the platform after he left it in October 2016. Kunal finally made the CRED launch announcement in 2018.

However, in this case, in the Indian nation, the dependable section of the public was made to pay for the wrongdoings of others, and the lack of openness and the irregularity of the information contributed to a lack of trust. He said that the current paradigm is rigid and leaves a lot of room for uncertainty and mistakes, which the reliable part of the population does not deserve. CRED was founded as a result of this.

CRED's Sources of Income

Up to this point, CRED has prioritized user growth over financial success. However, the platform has a variety of potential revenue streams that it can use in the near future.

The monetization of data may be one of the main sources of income. Although CRED emphasizes its commitment to never sell data to outside parties and its privacy policy, this data can be used to improve and tailor the user experience.