Businesses have been able to create better products for customers thanks to pandemic-accelerated digitalisation.
The digital age is real, consumers, brands and institutions must embrace technology in order to thrive.
Companies that can understand and win the trust of their stakeholders, including investors, customers and team members, will be the future,” Shah said to IANS during an interview.
A few factors will determine the extent and size of India’s entrepreneurship ecosystem.
We need to first create an environment that encourages our brightest people to return to India to continue building and living in India.This will be beneficial for India as well as the rest of the world.
We must ensure that innovation is embedded in our culture.Shah explained that the most innovative startups will be those who solve local problems, and create solutions for India in the coming decade.
The country must be more focused on creating, accepting rather than mocking new ideas, and providing entrepreneurs with the infrastructure necessary to rapidly prototype new products.
Shah observed, “It is interesting to see that this starting to be accepted at the primary education level, and hopefully this trend will grow.”
The members-only platform for bill payment and credit card management was founded in Bengaluru in 2018.It has grown to include over 8.5million creditworthy members with a combined credit score of more than 750.
Shah stated that “We facilitate more than 25% of Indian credit card bill payment in India every month.We are one of the top four in UPI value share and almost a third premium card-holders are on CRED.”
CRED’s Commerce offer, which includes CRED Store Rewards and CREDPay, has been recognized as an important channel for independent young consumer brands to connect with customers via CRED or their own platforms.
CRED Commerce has attracted over 2,000 companies.These brands can be positioned with aspirational brands around the world and gain traction among taste-making customers.
CRED is growing at a time when Indians’ credit card spends in September jumped 57 per cent (on-year) to Rs 80,000 crore, according to the latest data from the Reserve Bank of India (RBI).
The banking system reported around 1.1 million new credit card additions in September, taking the number of outstanding credit cards to 65 million.
In October, 7 lakh CRED members avoided extra interest charges by acting on alerts and paying their bills in full and Rs 77 crore worth of late payments fees were avoided with the help of timely reminders from CRED.
Nearly Rs 233 crore worth of hidden charges were detected by members using CRED Protect while Rs 22 crore worth of cashbacks were won for taking the right decisions.
CRED currently facilitates 25 per cent of credit card bill payments in India.
Shah said that while the company’s focus continues to be building distribution for the platform, “we are now actively working towards offering this platform to brands and financial institutions to craft and offer a variety of services for members”.
“Our approach is to start with small experiments that we iterate and double down on, when we see member traction,” he added.
(Nishant Arora can be reached at [email protected])
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