Bengaluru-based fintech firm Cred has received certification from NPCI Bharat Billpay, enabling it to function as a customer operating unit (COU) on the Bharat Bill Payments System (BBPS). This certification allows Cred to expand its partnerships with major billers and banks, enhancing the speed and efficiency of credit card bill payments made through its platform. Users will now have the ability to process bill payments across all billers available on the BBPS network.
BBPS, developed by the National Payments Corporation of India (NPCI), is a unified platform designed to streamline bill payments across India. Recently, the Reserve Bank of India (RBI) mandated that all credit card bill payments made through third-party applications must be processed via BBPS.
In July, Cred processed over Rs 15,000 crore in bill payments through compliant banks, making it the largest agent institution on BBPS for the month. The company contributed approximately 40% to the growth in the value of payments processed on BBPS from June to July.
Cred also introduced the ‘Cred Guarantee,’ a feature ensuring that bills are settled on time, with the company committing to cover any late fees if there is a rare instance of a late settlement. This guarantee applies as long as users have paid their bills in full on or before the due date through Cred.
Additionally, Cred is exploring secured credit disbursals, including two-wheeler, four-wheeler, and home loans, following a market study and discussions with lending partners. The company has also received in-principle approval from the RBI to operate in the payment aggregation (PA) business.