Financial management platform CRED Money is launched by reward-based payments platform CRED. It permits the users to make recurring payments, analyse spending, and view balances and transactions from multiple bank accounts, wallets, and UPI IDs in one place. 

With CRED Money, individuals can comprehend their monetary examples without sharing their financial balance. 

The app will bring subtleties from members of the record aggregator biological system like banks, common assets, and protection, among others. From today, CRED Money will be distributed to its members in stages. Customers will also be able to track transactions across banks, accounts, UPI ids, and credit cards, as well as trace forgotten investments, tax refunds, and recurring payments like SIPs and insurance policies. 

As indicated by CRED Money, it is based on the account aggregator - AA system, which empowers customers to allow secure and encoded dividing of their credit data among approved associations. Experts consider this product to be CRED’s second attempt to develop additional daily or weekly use cases. 

The organization likewise launched UPI-based payments administration in April 2023 and vehicle the executives stage Carport in September. Following Kuvera’s acquisition in February of this year, it is also expanding its wealth management offerings. More importantly, the service will continue to provide CRED with data that enables it to better target offerings from its own or third-party businesses by mapping its users’ financial status, spending patterns, and investments. 

Take into consideration how CRED’s loan product and Cred Money offerings have emerged as a significant growth driver, resulting in low default rates. Even though many customers may not be aware of it yet, the financial sector in India is one of the most digitally digitized today. 

As a result, mini-opportunities like finding long-lost investments that are connected to a PAN or a phone—something CRED is also playing on—have emerged. Or more effectively identifying portfolio underperformers. With its “creamy layer” of customers in the highest credit quartile, CRED clearly sees fewer opportunities for these wealthy users. On the UPI front, CRED UPI arose as the fourth biggest player with regards to handling UPI payments. CRED is far behind PhonePe, Google Pay, and Paytm, according to NPCI data. However, it processed more than one third of Paytm’s transactions in June, surpassing Amazon Pay, WhatsApp, and BHIM in terms of volume.