CRED, a fintech startup based in Bengaluru, has been approved by the National Payment Corporation of India (NPCI) Bharat Billpay to operate as a customer operational unit (COU) on the Bharat Bill Payments System. This accreditation will make partnerships easier and improve the functionality of bill payments done through the app.
Noopur Chaturvedi, CEO of NPCI Bharat BillPay (NBBL), highlighted the importance of this certification, stating, “BBPS is a seamless, secure, and efficient platform that supports both customers and billers. We are pleased to welcome CRED as a COU, which will bring more convenience to consumers and further enhance India’s Digital Public Infrastructure.”
“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 of CRED
This activity accounted for approximately 40% of the growth in BBPS payments between June and July, said CRED.
The goal of this accreditation is to give customers faster and more dependable CREDit card bill payments.CRED is now able to handle bill payments for any biller that is incorporated into the BBPS network as a BBPS COU.
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What Is a Customer Operating Certificate?
RBI-authorised banks or non-bank institutions who conduct payment collection, settlement, and aggregation businesses can join Bharat BillPay as Operating Units as per BBPS. Customer operating.
BBPS customer operation system has the following features:
Bharat BillPay Platform
One simple integration to facilitate recurring payments and collections for Bharat’s vast network of Billers and Customers.
Custom Solutions
Bharat BillPay offers custom tech solutions to support all ecosystem partners.
UPMS
Optimise recurring payments for Customers with auto-reminders, auto-debit mandates, and elimination of repeat reminders from other live channels.
Canvas
A dedicated portal for transaction disputes and Customer complaints management.
In the last year alone, CRED has saved its 14 million members from late fines totalling more than ₹981 crore over the previous five years. Additionally, consistent, on-time payments have improved the credit scores of almost 4 million members.
This certification not only empowers CRED to provide faster, more secure bill payment services but also contributes to the growth and efficiency of India’s digital payment infrastructure. As CRED continues to innovate, this milestone underscores its commitment to enhancing financial responsibility and convenience for millions of users across the country.
PM Narendra Modi will speak at the Global Fintech Fest on August 30 in Mumbai.
