CRED Expands CRED Coin Usage to Offline Stores and Online Platforms

Kunal Shah-led Cred is piloting a new feature allowing users to redeem CRED Coins at offline stores and for online purchases, as per reported by Inc42. 

Previously, CRED Coins, earned by users for credit card payments, could only be used for in-app purchases on CRED’s marketplace. 

As part of the pilot, CRED has partnered with select online and offline merchants to enable members to redeem coins for discounts on specific products or services. For example, users can scan a QR code at food and beverage outlets to use their CRED Coins for discounts. 

Additionally, the coins can be redeemed for Zepto Pass memberships or used on platforms like Urban Company and ixigo to earn cashbacks and vouchers. 

Currently, the feature is live for selected users to make online purchases, with offline redemption rolling out soon in Bengaluru before a nationwide launch. CRED plans to onboard more merchants to expand the program.

Read more - OpenAI Launches ChatGPT Pro Subscription Plan for $200/Month

This pilot aligns with CRED's efforts to diversify its offerings as part of its "super app" strategy. Recent initiatives include launching insurance services in partnership with ICICI Lombard, Go Digit, and Zurich Kotak introducing CRED Money for financial management, and collaborating with L&T Finance to offer personal loans.

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CRED’s operating revenue increased by 71% in FY24, reaching ₹2,397 Cr while operating losses dropped by 41% to ₹609 Cr. 

The startup valued at $6.4 Bn, has raised over $800 Mn from investors like Tiger Global and Peak XV Partners. With this initiative, CRED aims to attract new users, boost UPI transactions, and enhance member engagement.

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