CRED, the platform renowned for its reward-based payment solutions, has introduced a new financial management tool named CRED Money. This innovative platform consolidates financial information, allowing users to view balances and transactions from multiple bank accounts, wallets, and UPI IDs in a single interface.

CRED Money aims to simplify financial oversight by enabling users to track recurring payments, analyze spending patterns, and locate forgotten investments or tax refunds. The platform, built on the account aggregator (AA) framework, ensures secure and encrypted sharing of financial information, without requiring users to disclose their bank account details.

The phased rollout of CRED Money starts today, and it promises to enhance financial management by helping users streamline payments for recurring expenses such as SIPs, insurance policies, and more. It also facilitates transaction tracking across various financial instruments, including bank accounts, UPI IDs, and credit cards.

This launch marks CRED’s continued expansion into daily financial tools, following its introduction of a UPI-based payment service in April 2023 and a vehicle management platform named Garage in September. The company also expanded its wealth management offerings with the acquisition of Kuvera earlier this year.

Experts view CRED Money as a strategic move to increase the platform’s daily and weekly use cases. By leveraging the data collected through CRED Money, the company can gain deeper insights into user financial behaviours, allowing for more targeted offerings, whether from its own services or third-party providers.

India’s financial sector is increasingly digital, creating opportunities for discovering lost investments or identifying underperforming assets. CRED, targeting the top credit rating quartile, capitalizes on this trend by offering tools tailored to high-net-worth individuals.

On the UPI front, CRED UPI has established itself as a significant player, processing a substantial volume of transactions, though it remains behind PhonePe, Google Pay, and Paytm. Nonetheless, it has surpassed competitors like Amazon Pay, WhatsApp, and BHIM, processing more than one-third of Paytm’s transaction value in June.

With CRED Money, the company aims to further enhance its financial ecosystem, delivering greater value and efficiency to its users.