India-based CRED has partnered with Shopify to diversify payment options for merchants operating on the Shopify platform. Specifically, CRED, in collaboration with Shopify, a provider of essential internet commerce infrastructure, has announced a partnership aimed at expanding payment options for merchants operating on the Shopify platform.

Following this partnership, members of CRED can now utilise CRED's payment solution when making purchases on Shopify merchant platforms. Currently, CRED Pay is operational on select Shopify merchants, with plans to extend its availability to all interested brands and merchants who can register on the website. The integration of CRED Pay into Shopify's payment options provides Shopify merchants with the ability to enhance their prepaid transaction conversion rates and provide an improved shopping experience to the top 1% of consumers in India.

In the company press release, officials from CRED talked about this partnership and highlighted the newfound ability of Shopify merchants to leverage the trusted payment suite from CRED to unlock better revenue potential by enabling smooth transactions, expanding payment options, and building curated campaigns for members. Officials from Shopify also highlighted the significance of this partnership for D2C (Direct-to-Consumer) brands, which have been driving ecommerce growth in India. They specified that the collaboration aims to broaden the range of payment choices for merchants, facilitating seamless transactions and delivering a convenient ecommerce experience for businesses.

CRED Pay is already operational on several leading Shopify merchants, including GIVA, Snitch, Suta, HEADS UP FOR TAILS, and XYXX. Additionally, apart from Shopify, GoKwik has also partnered with CRED, offering one-click checkout experiences with assured rewards, ensuring a high prepaid success rate and conversion rate across partner merchants. Other developments from CRED In August 2023, CRED partnered with the NPCI to introduce RuPay credit card UPI payments and make transactions more convenient for its members.

This collaboration introduced a range of benefits for CRED users, as it allowed them to make UPI transactions using their RuPay credit cards issued by various banks such as HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank. In June 2022,  CRED  raised USD 140 million in a financing round as it tried to expand its customer base and broaden its offerings. GIC, Singapore’s sovereign wealth fund, led the startup’s Series F financing round, which included secondary transactions.

Existing backers Tiger Global, Sofina Ventures, Alpha Wave Ventures and Dragoneer also participated in the funding. .