There are many fintech companies in India right now. It made the digital currency hassle-free with just a few clicks on your mobile. Google Pay, Paytm, Phone Pay are already in the market and the competition has increased compared to the other brands. CRED created a different milestone, by initiating new methods and strategies in the financial world. In its 4-year journey, it has created a wave in the fintech industry. Many other brands have also given effective strategies, but CRED initiatives were unique.
* Time and bill system for paying credit card bills would be given along with rewards and coins. They have always taken customers who already have a cibil score of 750, which gave them premium customer base.
* Rent was paid to the landlords through credit cards, which gave them great benefits, but a few individuals also identified loopholes and tried manipulating them. Which deeply impacted the company through financial losses.
* Offering loans from CRED applications directly with good interest rates. Another interesting feature, a user can give loans to others by receiving interest from them.
* Discount features and reward features were initially great, but as time passed, those rewards didn't work and the collection of coins were given, which really didn't work.
Even though CRED has grown so quickly as a unicorn. The advertisements were also made perfectly in the IPL. Digital video advertisements using sports men and film actors have created huge potential in CRED. Today the competition has created a different milestone for CRED but, It has 17 million users, who are premium customers. Almost 40% of India’s credit card bills are paid through CRED; its net worth is around $4.5 billion.
