{"id":1288214,"date":"2024-12-07T12:31:18","date_gmt":"2024-12-07T07:01:18","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1288214"},"modified":"2024-12-07T12:31:51","modified_gmt":"2024-12-07T07:01:51","slug":"cred-coins-can-be-soon-used-for-online-offline-purchases","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/cred-coins-can-be-soon-used-for-online-offline-purchases\/","title":{"rendered":"CRED Coins Can Be Soon Used For Online & Offline Purchases"},"content":{"rendered":"\n

Kunal Shah-led CRED is testing a new feature allowing users to redeem CRED Coins for offline and online purchases. Previously limited to in-app transactions, this initiative aims to enhance user engagement and diversify redemption options.<\/p>\n\n\n\n

INC42 exclusively<\/a> reported this news earlier. <\/p>\n\n\n\n

\"CRED<\/figure>\n\n\n\n
\n\n\n\n

Key Details of the Pilot<\/h3>\n\n\n\n
    \n
  • New Redemption Options<\/strong>: Users can now utilize CRED Coins at select online merchants and offline outlets.<\/li>\n\n\n\n
  • How It Works<\/strong>: Members can scan a QR code at participating offline stores to verify and redeem coins for discounts.<\/li>\n\n\n\n
  • Online Benefits<\/strong>: Coins can also be used to purchase memberships like Zepto Pass and to earn cashback or vouchers with brands like Urban Company and ixigo.<\/li>\n\n\n\n
  • Current Status<\/strong>: The pilot is live for a select group of users, with offline stores launching in Bengaluru before a nationwide rollout.<\/li>\n<\/ul>\n\n\n\n
    \n\n\n\n

    Expansion of Services<\/h3>\n\n\n\n

    The pilot aligns with CRED\u2019s broader strategy of positioning itself as a super app:<\/p>\n\n\n\n

      \n
    • Insurance Services<\/strong>: Partnered with Go Digit, ICICI Lombard, and Zurich Kotak to offer insurance.<\/li>\n\n\n\n
    • CRED Money<\/strong>: A tool providing unified bank balance views, recurring payment reminders, and spend analysis.<\/li>\n\n\n\n
    • Personal Loans<\/strong>: Collaboration with NBFC L&T Finance for unsecured loans.<\/li>\n<\/ul>\n\n\n\n
      \n\n\n\n

      Financial Performance<\/h3>\n\n\n\n
        \n
      • Revenue Growth<\/strong>: Operating revenue rose 71% in FY24, reaching \u20b92,397 crore.<\/li>\n\n\n\n
      • Reduced Losses<\/strong>: Operating losses declined 41%, down to \u20b9609 crore from \u20b91,024 crore in FY23.<\/li>\n\n\n\n
      • Funding and Valuation<\/strong>: Backed by prominent investors, CRED is valued at $6.4 billion and has raised over $800 million in funding.<\/li>\n<\/ul>\n\n\n\n
        \n\n\n\n

        Competitive Landscape<\/h3>\n\n\n\n

        CRED\u2019s move comes amid increasing competition in the UPI space. In October, Sachin Bansal-led Navi overtook CRED to become the fourth-largest UPI player. The new feature could help CRED attract users, increase UPI transactions, and solidify its market position.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Kunal Shah-led CRED is testing a new feature allowing users to redeem CRED Coins for offline and online purchases. Previously limited to in-app transactions, this initiative aims to enhance user engagement and diversify redemption options. INC42 exclusively reported this news earlier. Key Details of the Pilot Expansion of Services The pilot aligns with CRED\u2019s broader […]<\/p>\n","protected":false},"author":30,"featured_media":1288222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2310,442],"class_list":["post-1288214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cred","tag-kunal-shah"],"acf":[],"yoast_head":"\nCRED Coins Can Be Soon Used For Online & Offline Purchases - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/cred-coins-can-be-soon-used-for-online-offline-purchases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRED Coins Can Be Soon Used For Online & Offline Purchases - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Kunal Shah-led CRED is testing a new feature allowing users to redeem CRED Coins for offline and online purchases. 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