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April 26, 2024

CRED Set to Revolutionize Payment Checkout: Dynamic Terminals to Boost Merchant Engagement

Fintech leader CRED is poised to revolutionize payment checkout experiences for merchants with the introduction of dynamic terminals, set to roll out later this year. Following successful trials, CRED will deploy these terminals to various large lifestyle merchants, spanning supermarkets, quick-service restaurants, salons, fashion boutiques, and other retail outlets.

These innovative terminals, ranging from pocket-sized devices to interactive kiosks, will empower merchants to provide targeted rewards tailored to specific users, cards, and transactions. They will be interoperable, allowing UPI users to make payments through the terminals using any compatible application.

CRED’s executive Akshay Aedula highlighted the significance of these terminals for merchants, stating, “Large merchants, especially those in fashion and dining, can now apply for CRED Dynamic QR devices powered by Pine Labs and Razorpay POS. These terminals enable merchants to engage affluent customers with premium and rewarding experiences for high-value payments, transcending beyond credit card bills. Members enjoy rewards irrespective of their payment method, be it credit card or UPI.”

The introduction of CRED’s checkout terminals presents a significant challenge to existing players in the same category, including established point-of-sale (PoS) providers like Pine Labs and Mswipe.

This move follows closely on the heels of recent announcements by other fintech companies such as BharatPe and Paytm, which have introduced new soundbox solutions. Paytm, for instance, has already deployed over ten million soundboxes in the Indian market. Similarly, PhonePe has rolled out over four million “SmartSpeakers” and plans to expand its network to ten million devices by year-end.

The proliferation of these soundboxes not only enhances fintech companies’ coverage among merchants but also contributes to revenue growth through subscriptions or recurring monthly device fees. According to a Bank of America Securities report from June last year, the target market for such soundbox solutions comprises 25 million medium-sized small and medium enterprises (SMEs) and 15-17 million smaller SMEs.

With CRED’s innovative terminals poised to enter the market, merchants can anticipate a transformative shift in their checkout experiences. These terminals not only streamline payments but also offer a unique opportunity for merchants to engage and retain high-value customers, driving further growth in India’s dynamic fintech landscape

Jhumpa Lahiri

Jhumpa Lahiri

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