CRED BUSINESS MODEL: Unique Way To Earn Exciting Rewards CRED business model works as an online application that renders its users a reward on every credit card payment of their bills. It is a fin-tech startup founded in 2018. The founder of CRED is Kunal Shah who was also the founder of FREECHARGE which was ultimately acquired by Snapdeal in 2015.
CRED helps its users to keep a track of their multiple credit card payments and bills by offering a service where everything is pooled in a single place. It sends out timely reminders to its users so that they can keep up with their payments and on timely payments, it also rewards them by giving points which then can be redeemed from its partners. Also visit: busiaffairs
CRED Business Model To use CRED’s services, one has to have a credit score of over 750. This app also demands its users to share certain information like credit card numbers, access to a user’s emails to track their spendings and due amounts, credit score, and how a user spends his money.
All this information is clearly specified in the privacy policy and terms & conditions of the application. In addition, a user is free to opt-out of such tracking.
CRED Competitors The world is full of challenges and if you’re in the exposure of the main market, you definitely can’t hide from it. CRED is competing with one of the most influential companies in India such as:
1. Paytm: Paytm is also an online application that caters to its services like a money transfer from bank to bank, payments of bills, ordering food, movie tickets, and household expenses. Vijay Shekhar Sharma is the founder and CEO of Paytm and it holds an annual revenue of $278 million.
2. PhonePe: Similar to Paytm, allows its users to receive money and pay bills directly from the bank account or through a customized wallet. Its annual revenue is between $25-100 million.
