The Peak XV-backed startup, which has been pushing its UPI payments feature aggressively, wants its customers to start using the app to scan QR codes at premium retail outlets. These include supermarkets, quick-service restaurants, salons, fashion and other lifestyle retailers. The product is mostly targeted at merchants who have a large ticket size average transaction and their customers typically pay with credit cards.
ET wrote on April 19 that Cred was running pilots around offline payments and had received in-principle approval from the Reserve Bank of India for an online payment aggregator licence.
The app will also offer the customer rewards against every payment transaction, irrespective of which payment instrument is being used. Customers can offset these rewards against their credit card bills.
Large merchants in categories such as dining and fashion can apply for this device, which is powered by Razorpay POS and Pine Labs. The terminals can be in the form of a portable device ‘pocket’ or a ‘kiosk’ meant for places with heavy footfalls, or a device which displays a dynamic QR code. The ‘kiosk’ allows walk-in customers to place the order through the device via self-service and make payments via UPI.
The new terminals enable merchants to offer personalised and targeted rewards for specific types of users, cards, and transactions, the company said in a statement. All UPI users can pay through Cred checkout terminals from any app leveraging the interoperability feature of UPI.
