CRED, the foremost payments platform, has announced the launch of an enhanced UPI checkout experience for offline lifestyle merchants catering to affluent customers. This upgraded experience will encompass pocket, kiosk, and Dynamic QR checkout terminals, offering a seamless and rewarding process from scanning to payment.
The newly introduced CRED checkout terminals are available in various form factors, including pocket-sized and kiosk models, to enhance the immersive experience of CRED Scan and Pay. Specifically designed Dynamic QR devices, powered by Pine Labs and Razorpay POS, will be made accessible to large lifestyle merchants such as fashion outlets and dining establishments.
One of the key features of these new terminals is the ability for merchants to tailor personalized and targeted rewards for different user segments, cards, and specific transactions. This ensures that all UPI users, regardless of their preferred payment app, can avail of the enhanced checkout experience offered by CRED.
CRED members will have exclusive access to this upgraded UPI experience, which will involve a designer-like interaction with the environment, reflecting the merchant’s branding and aesthetic. Furthermore, members will be eligible to receive additional rewards for specific transactions and will earn cashback for every completed UPI transaction, which can be utilised towards settling credit card bills.
Following the successful completion of the pilot phase, these terminals will be progressively rolled out to large lifestyle outlets across India throughout the year. Targeting merchants in affluent neighbourhoods with high average order values primarily processed through credit cards, including supermarkets, quick-service restaurants, salons, and fashion retailers, the CRED checkout experience is designed to elevate the payment journey for both merchants and customers.
Akshay Aedula, a representative from CRED, elucidated, “CRED UPI is a payment experience for the affluent. CRED members also use UPI for large purchases at premium outlets, and we’ve created an elevated experience for those moments, from scanning to checkout to reward. CRED checkout terminals enable merchants to engage with affluent customers by offering a premium and rewarding experience for high-value payments, not just credit card bills. Members enjoy rewards regardless of whether they are paying on credit card or UPI.”
On a broader note, CRED aims to celebrate and reward credit-worthy individuals through its transparent and fully digital platform, making financial decisions visible, delightful, and rewarding for its members. The platform operates on an invitation-only basis, targeting individuals with high credit scores and offering exclusive rewards and experiences. CRED is available for download on both iOS and Android platforms.
In conclusion, the introduction of these upgraded UPI checkout terminals by CRED is set to revolutionize the payment experience for affluent customers at premium lifestyle retailers, offering a seamless and rewarding process that aligns with the platform’s mission to celebrate and reward credit-worthy individuals.