Kunal Shah’s CRED Launches CRED Money, a Platform to Monitor Financial Transactions
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On Thursday, the financial management platform CRED introduced CRED Money, which provides a unified view of a user's balances, transactions, and patterns across bank accounts.
According to a statement from the fintech business CRED Money, directed by Kunal Shah, "CRED Money is built on the account aggregator (AA) framework that allows users to securely share their bank account information with authorised vendors. "
Users will receive updates and reminders through the platform, and it will offer to make regular payments directly using CRED UPI, making it easy to manage things like SIPs, EMIs, rent, staff wages, and insurance premiums.
How CRED Money Can Benefit Its Users?
Users can gain insight into their financial habits by searching as a merchant or category and analyzing spending patterns across their bank accounts. Customers may conveniently monitor all of their transactions, including dividends from investments that were forgotten, payment reversals, tax refunds, and more. The new product from CRED makes use of cutting-edge data science to transform raw data into useful insights, letting customers make better financial plans and use their funds more wisely.
Prioritise Customers With High Incomes
Midway through 2022, CRED sought out users with worse credit scores, but these users did not engage with the platform. Beginning in the middle of 2023, the business once again started prioritizing the acquisition of consumers with higher credit scores.
With the launch of their luxury rewards program "Only Fridays," CRED is putting an emphasis on engaging with premium consumers. This program is open to users who have earned over one million CRED Coins from paying credit card bills.
Customers who have spent a total of one million rupees on CRED have earned one coin for every rupee worth of credit card bills.
Recognizing UPI's success among wealthy clients, the business is actively pursuing this demographic. CRED has been successful in expanding its UPI share, even though credit cards remain its primary business emphasis.
Players Providing Similar Services
Apps like this one are available from ICICI Bank, Axis Bank, and Fi Money, and they all offer a centralized hub for managing all of their clients' bank accounts and transactions. Customers do get a consolidated picture when they use a FinTech payment app to pay for subscriptions, insurance, and utility bills.
Despite CRED's expansion beyond credit card payments to offer wealth management, eCommerce, travel, and automobile products and services in the recent few quarters, a media agency claimed last month that the company's user growth has stopped at 13 million subscribers over the last 18 months.
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