Cred launches ‘Tap to Pay’- a feature that needs no physical card or wallet to make payments

‘Tap to Pay’ enables Cred members with NFC-enabled Android smartphones and eligible cards to directly pay merchants through tapping on their point-of-sale devices without the need of the physical card or any wallets.

In the past, players like Paytm had enabled NFC-based payments for its users.

According to Cred, ‘Tap to Pay’ uses secure card tokenisation technology to store card tokens on the device.

When members tap their phone on a card reader, this token data is transferred via NFC to the reader to initiate a payment, making transactions safe and secure.

Earlier in October last year, Cred had launched UPI payments on the app. It also allowed users to use cashbacks and Cred points at select merchant outlets.

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The launch of new features around offline payments is expected to increase customer engagement for the platform.Cred also announced its entry into the buy-now-pay-later (BNPL) space with Cred Flash.

“Select members will receive a membership upgrade, activating Cred flash which members can use for a seamless payment experience on the app (Crd’s e-commerce store, phone, electricity bills and more) and across 500+ partner merchants when they use Cred Pay as the payment method.

Merchants include eating and shopping destinations like Swiggy, Zepto, Urban Company, Licious, Dunzo and others, said the company in a media statement.

Cred Flash will be powered by Parfait Finance and Investments Pvt Limited, a non-banking finance company (NBFC) which was acquired by Cred founder Kunal Shah in November 2021.

ET had first reported that Shah had acquired Parfait through Newtap Technologies Pvt. Ltd.

With Cred Flash, users can check out and make bill payments through a single swipe while being provided with a customised spend limit to support their consumption needs. The repayment cycle of these loans is expected to be 30-days.