Fintech firm Cred receives BBPS customer operating unit certification
Cred has received certification from NPCI Bharat Billpay to operate as a customer operating unit (COU) on the Bharat Bill Payments System, the company said in a note on Friday.
This certification allows Cred to establish more partnerships with major billers and banks on the BBPS platform, speeding up credit card bill payments made through the app. Additionally, Cred users will gain access to process bill payments across all billers available on the BBPS network, the company said on Friday.
Developed by the National Payments Corporation of India (NPCI), BBPS is a unified platform that facilitates all forms of bill payments across India.
The Reserve Bank of India (RBI) recently mandated that all credit card bill payments made through third-party applications like Cred must be routed through BBPS.
Cred said that it processed over Rs 15,000 crore in bill payments across compliant banks in July, making it the largest agent institution on BBPS for the month. The company contributed to approximately 40% of the growth in the value of payments processed on BBPS from June to July, it added.
“Cred started with a mission to catalyse financial progress by enabling the trustworthy to pay their bills on time. With the COU certification, we can settle payments on time, every time, and guarantee its settlement," said Kunal Shah, founder, Cred.
The company has also introduced a new feature called the ‘Cred Guarantee.’ This ensures that bills will be settled on time, with Cred committing to bear any late fees if charged in the
