Cred introduces offline QR code 'scan & pay' service, kiosks for merchants

New feature marks fintech company's foray into the offline payments space

Fintech company Cred has launched a UPI-based ‘Scan and Pay’ service that enables members to use any QR code for payments directly from their bank accounts.

The launch move marks Cred's foray into the offline payments space dominated by PhonePe, Google Pay, and Paytm.

Cred has been pushing its UPI (Unified Payments Interface) payments feature aggressively. The company said the feature will be convenient to make offline retail payments at large format stores. Such stores comprise supermarkets, fast-food joints, beauty salons, fashion boutiques, and various lifestyle retailers. The focus is on merchants with substantial average transaction amounts and whose patrons predominantly opt for credit card payments, it said.

Regardless of the payment method used, Cred will offer users rewards for each transaction. Users may deduct these benefits from their credit card expenses.

Large merchants can apply for a device that comes in various forms: A portable "pocket" device, a "kiosk" tailored for high-traffic areas, or a dynamic QR code display unit. The "kiosk" enables walk-in customers to independently place orders and conduct payments via UPI directly through the device.

According to a statement from the company, the latest terminals empower merchants to provide personalised and focused rewards tailored to specific user demographics, card types, and transaction patterns. Additionally, the interoperability feature of UPI allows all users to make payments via Cred checkout terminals from any compatible application.

Last year, the company launched Cred Pay allowing payment features like online merchant payments and bill payments.

Cred is leveraging its existing user base and rewards program to drive adoption of its offline payments service and compete with the market leaders.