Cred has introduced P2P UPI payment, which will allow its users to send money to anyone without sharing financial information. Payments can be made by searching a user’s contact list for a phone number or UPI ID, a function available to both itsmembers and non-members.
Money can be sent from one bank account to another using mobile phones utilising P2P (Peer-to-Peer) payments on UPI. Scan & Pay, which facilitates UPI payments at retail establishments, was also introduced by the company previously.
Highlights of Cred’s peer-to-peer UPI:
Recurring-transaction bill reminders: Cred’s P2P UPI includes’smart recommendations’ that notify users ahead of time of upcoming scheduled payments.
Payment assurance nudging: It will offer prompts in high-risk payment situations in an effort to reduce fraud. When a member is on the phone and making a large purchase, these prompts may appear.
Cred will actively encourage members to safeguard their identity by using a randomly issued alias UPI ID, shielding sensitive information such mobile phone numbers. Once Custom VPAs are enabled, payments to members will be made using their alias UPI ID.
Cred’s Step-by-Step Guide to P2P UPI
- Launch the Cred app and tap the “pay contacts” tab.
- Decide the recipient you’d want to send the money to. Choose a contact from your list or use the search bar to look for a certain name or phone number.
- The third step in making a purchase with your UPI pin is entering the amount.
- Personalise the completed payment receipt and then send it to the customer.
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