Cred rides UPI as a new growth strategy. But will the transaction numbers hold without cashbacks?

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A man checks his phone near the Cred logo during the Global Fintech Fest in Mumbai, India.

Synopsis
Cred has seen a 42% jump in UPI payments after it introduced a scan-and-pay feature in October, timing the launch with the festive shopping season. However, this spurt has come on the back of cashbacks, a strategy that did not work well for WhatsApp Pay earlier this year. Will Cred's attempt be any different?

Credit card bill-payment app Cred notched around 42% month-on-month growth in UPI transactions on the platform in October. The growth came mostly after it introduced a scan-and-pay feature for offline payments during the month, timing the launch with the festive shopping season. The Bengaluru-based fintech company has seen its monthly transactions grow to 21 million from the 13.5 million-15 million it has been registering over the past six