Fintech firm Cred receives BBPS customer operating unit certification.

Bengaluru-based fintech company Cred has received certification from NPCI Bharat Billpay to function as a Customer Operating Unit (COU) on the Bharat Bill Payments System (BBPS), as announced in a note on Friday. This certification enables Cred to forge additional partnerships with leading billers and banks on the BBPS platform, thereby accelerating the process of credit card bill payments made through its app. Moreover, Cred users will now have access to process bill payments across all billers on the BBPS network.

BBPS, developed by the National Payments Corporation of India (NPCI), is a unified platform that facilitates all types of bill payments across India. Recently, the Reserve Bank of India (RBI) mandated that all credit card bill payments made through third-party applications like Cred must be routed through BBPS.

Cred reported that it processed over ₹15,000 crore in bill payments across compliant banks in July, making it the largest agent institution on BBPS for that month. The company also claimed to have contributed to approximately 40% of the growth in the value of payments processed on BBPS from June to July.

"Cred began with a mission to drive financial progress by helping trustworthy individuals pay their bills on time. With the COU certification, we can ensure timely settlements every time," said Kunal Shah, founder of Cred.

Additionally, Cred has launched a new feature called the 'Cred Guarantee,' which ensures that bills will be settled on time, with the company pledging to cover any late fees if charged, provided users have paid their bills in full on Cred on or before the due date.

This development coincides with Cred's exploration of secured credit disbursements through its platform, including potential offerings like two-wheeler, four-wheeler, and home loans, as previously reported by ET on June 11. Cred has also received in-principle approval from the RBI for its payment aggregation (PA) business.