Indian fintech unicorn Cred has introduced a Unified Payments Interface (UPI) payment feature, ‘Scan & Pay’, on its app for its members, reported the Hindu BusinessLine.

The move would place the company in direct competition with the likes of PhonePe, Google Pay, Paytm, among others.

The service, which will be limited to CRED members, will also allow users to make peer-to-peer (P2P) transactions from their bank accounts linked to the CRED app.

This can be carried out either by scanning a quick response (QR) code or by feeding in the beneficiary’s UPI identity.

In order to successfully implement the decision, Cred is looking into privacy, design and rewards.

The UPI payment experience also covers 2x rewards on partner merchants, flairs and skins, and dynamic messaging.

Furthermore, CRED added features such as CRED Protect to enable creation of alias UPI ID instead of using the default one including their phone number, by the users.

CRED also eliminates the need to raise any complaint ticket by the users in case of transaction failure, and the users’ money is returned to their bank account.

CRED CEO Kunal Shah was quoted by the news agency as saying: “Our vision with CRED was to encourage and reward responsible financial behaviour. We have influenced that by constantly giving them good avenues to save, spend and even loan money.

“Today, we are launching Scan and Pay. This feature is going to reimagine the UPI experience that so many Indians have gotten used to and make it super delightful.”