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CRED has been on-boarded as a key Agent Institution (AI) by NPCI Bharat BillPay Ltd., a wholly-owned subsidiary of National Payments Corporation of India, to provide seamless bill payment solutions to CRED members, a release disclosed.
Notably, entities that provide bill payment, collection, and aggregation services to customers via physical or digital channels are called agent institutions.
The collaboration is aimed at providing CRED members with the convenience of making recurring payments across several segments like electricity, telecom, DTH, gas, education fees, water, and municipal taxes, NETC FASTag recharge, loan repayments, insurance, cable, subscription fees, mobile prepaid recharges, and others, just by logging into the CRED app, Bharat BillPay said in the release.
Cred Members will be able see their updated transaction history, create transaction alerts and reminders, and raise/track complaints for Bharat BillPay transactions.
The companies said in a statement that the “association is a significant development for the payments ecosystem as CRED has been a key partner in the Bill Payment segment”.
“Creating a rewarding and seamless transaction experience remains our focus at CRED. BBPS integration will help enhance member experience for recurring payments like electricity, FASTags, education fee, rentpay amongst others,” said Akshay Aedula, Lead, Financial Services, CRED.
Addressing the onboarding of CRED as a key agent institution Rahul Tandon, Head of Product Development, NPCI Bharat BillPay Ltd, said, “CRED has managed excellent growth as a credit card bill payment platform and we are pleased to onboard them as an Agent Institution. This will make it easier for CRED members to pay bills via our platform, which provides a one-stop destination for all recurring bills through a simplified bill presentment and bill payments interface.”
Currently, Bharat BillPay offers 20,000+ billers across multiple banks and non-bank channels recurring payment services. The payment system provider has 900+ Agent Institutions live on the platform.