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CRED Revolutionizes Credit Card Repayment By Automating Credit Card Settlement

Products Used

Feature in focus:

Instant payment to credit cards


CRED, the members-only club was founded in 2018 by Kunal Shah. With its inception, CRED revolutionised how credit card holders repay their credit card bills. CRED not only made the repayment process seamless for users, it also encouraged users to do timely credit card bill payments by incentivising users with exclusive offers and access to premium experiences.


Traditional credit card repayment flow

Historically credit cardholders in India could repay their card overdues via the net banking portal of the card-issuing bank. Users would add credit card details as beneficiary/payee and do funds transfer via NEFT/IMPS every month.

Users holding multiple cards would have to log in to the respective bank portals to make payment and would often pay unexplained charges and high-interest rates on missing due dates.

On the bank’s end, the money would be collected via a Payment Gateway which would later settle the amount to the bank as per the settlement cycle.


CRED’s Pilot and Launch

CRED since its inception focused on providing users the ease of card repayment and incentivising individuals for timely repayment. In 2018 CRED integrated Payouts API by Cashfree Payments with its platform to automate credit card repayment and launched CRED for larger masses.

Using Payouts, CRED was able to transfer the funds collected instantly to bank account linked with the credit card 24×7 irrespective of banking hours.

The instant payout to credit card feature allowed CRED to give seamless experience and transparency to card holders and today CRED is powering more than 20% of total credit card repayments in India with 7.5M+ credit card holders using the platform.

Multiple Credit Card Repayment

CRED allows users to add all their credit cards across all banks and card networks like Visa, MasterCard, AMEX, etc on a single app. Once cards are added, CRED users can select the card, check the debits and make payments. CRED then automatically transfers the amount directly to the credit card using Payouts API, hence allowing cardholders to automate credit card bill payments and manage all credit cards on a single portal via a single app.

99.8% success rate and automated reconciliation

Success rate is critical, a payout failure or reversal can cause high interest rate on missing the card due payment date.

Cashfree Payments ensures that the payouts go through at average success rate of 99.8%.

Smart routing, automated rerouting of failed transfers and queuing among multiple banks are some of the techniques that Cashfree Payments employs to ensure a guaranteed higher success rate. All bankside relationships – failed transfers, reversal, and reconciliation are handled by Cashfree Payments helping CRED’s finance team with reconciliation within 24 hours.

Why Payouts?

Payouts by Cashfree Payments is an API banking platform that helps businesses send money to any bank account, UPI ID, card or wallet. Pay vendors, do customer refunds, disburse loans, etc instantly 24×7, even on a bank holiday.

Innovative businesses like CRED use Payouts for various use cases like customer refunds, automated loan disbursals, vendor payments etc.

You can also get creative and solve your business payouts challenges with our powerful Payouts APIs.