Cred’s Biometric UPI Platform Approaches 10 Million Users Amid Payments Boom

As the fintech firm Cred extends its payments strategy, CEO Kunal Shah informed colleagues in an internal mail that the number of customers for its biometric verification function for UPI payments is approaching 10 million. In March, the business introduced biometric authentication for UPI payments.

This step eliminates the need for customers to input a PIN and instead allows them to authorise transactions using facial or fingerprint recognition. With Cred's push for biometrics, other apps like PhonePe and Amazon Pay followed suit, allowing users to make faster and easier payments at merchant checkout.

Cred Expanding its Payment Division

Cred aims to expand the use of its payment tools beyond only paying credit card bills, and this milestone comes as part of that effort. Cred reportedly has 13 million MAUs in June 2024, according to previous media sources. Unfortunately, in FY25, its monthly transactional users (MTUs) increased by 14.5% to 12.6 million. In October 2025, the National Payments Corporation of India (NPCI) initially implemented UPI on-device biometric authentication, claiming that it would streamline payments, lessen friction associated with PINs, and increase transaction security.

With an initial limit of INR 5,000 per transaction and the addition of Aadhaar-based facial identification for setting or resetting UPI PINs, the feature was considered a crucial enhancement to UPI since it relocated authentication inside the device itself. The most recent fiscal year '25 report from Cred additionally revealed a scaling of the company's payment stack. With a 34% rise to 14.4 transactions per user per month, the total payment value reached INR 8.5 trillion. In its January press release, the fintech unicorn revealed that its operational revenue for FY25 was INR 2,735 crore, an increase of 16% year-on-year. Meanwhile, the company recorded a 51% drop in operating losses to INR 298 crore.

Cred Slowly Catching up with Big Fishes of UPI Sector

Cred has come a long way since its 2018 inception as a private app for paying credit card bills; the company now offers UPI, loans, insurance, and more. Credit cards backed by gold and, more lately, biometric UPI identification are among its more modern products. Cred, on the other hand, is still a minor participant in the saturated UPI market when contrasted with the transaction volumes dominated by PhonePe and Google Pay.

In June 2025, Cred raised $72 million with a valuation of $3.5 billion from GIC, RTP Global, Sofina Ventures, and QED Innovation Labs, bringing its total capital raised to over $900 million. This was the company's most recent funding round. Established applications like Amazon Pay and Navi are vying for merchant and rewards-led payments, while new entrants like super.money, supported by Flipkart, and POP, backed by Razorpay, are also vying for a piece of the UPI pie.