As per the changing lifestyle of people, demand is increasing day by day. Nowadays, at every step, people need money to spend and it is not possible for them to carry the cash every single time. Instead of carrying money, they transact digitally now. The world is taking a step towards a zero-cash future now. Already there are lots of payment services or utility services apps are available in the market with no use of ATM and checkbooks now. One such issue related to payment is charged the card tabs, to solve this issue we have an on-demand app like CRED, read below to know what is Cred app.
Cred is a utility service app that provides rewards to the users for their timely credit card bill payment. This company provides exclusive offers and access to a premium experience. User can manage their multiple cards along with the analysis of the credit score through this app. On top of that Users can pay the credit card bills through this app when they have the required CRIF score. Users can also track every single action of its credit card journey. Once you become a member of Cred then you can access the exclusive rewards and offers provided by the app. You just have to manage your credit scores to become a member of Cred.
These types of payment and rewards apps are in great demand in the market, businesses have already analyse the utility of these kinds of apps. Tech Pathway has a great experience to develop and manage the on-demand cashback apps. Here, on this blog of the Tech pathway, you will get all the detailed information about the app. To know more read the full blog.
The business model of an on-demand app like CRED
Cred app is founded by Kunal Shah, who is also the founder of the Freecharge app. Cred is an online application that provides rewards to users when users pay the credit card bills from this app.the main objective of this app is to make the payment of credit card bills simpler and encourage you to pay the bills while rewarding. There is only one condition you just have to maintain your credit score with CRIF, Experian, and Cibil. If your score lies between 750 or more than only you are eligible for the membership of the app.
How does this app work?
The Cred business model is very clean and simple. Their main aim is to reward the users for making the payment of credit card bills. CRED provides the user’s AI (Artificial intelligence) backed system that keeps track of every single action made through the credit card journey. Like due dates, reminders, spending patterns, and other card usage statistics.
To become a member of CRED, a user has to share all the related information which gives access to an individual’s credit score from credit bureaus like CIBIL. Users who have the required credit score are presently allowed to access the benefits of the app.
How does this app make money?
This company offers services to both the users and the banks. When they offer the services to the customers then CRED collects all detailed information about the user. The information inclludes:
- Data of monthly transactions through cards
- Credit card information which includes the brand name and number.
- Overall credit score and other related details
- Repayment profile
- Spending or transaction patterns
These all information related to users are important for the banks or other financial institutes or people or ocmpany who can use this information to offer other services depend on their financial profile. CRED’s business model depend on the monetisation of such information of users. So basically they make money from the finacial institues and banks.
Key features of an on-demand app like CRED
- Quick pay
- Profile registration
- Log in/ sign up
- Card slab
- Option to pay custom amount
- One click payment
- Reward slab
- Reward categories
- Request for deals
- CRED coins
- In app communication
- Track payments
Some advanced features are:
- CRED silver
- CRED autosuggest
- Max reward suggestion
- Lifestyle chatbot
- Rental advance
- Fixed credit period
- CRED gold
- Card hub
- CRED vault
- CRED platinum
- Financial advisory
- CRED citizens
Cost of developing an on demand app like CRED will depend on various factors and features, the features which are mentioned above are not their overall features these are some basic features, so number of features you add on your app will affect the cost of an app. Features are the main thing which is the structure of an app like CRED. apart from features there are other factors which affects the cost of an app like:
- Platform used ( windows, iOS and Android)
- Designing of the app
- Content planner
- Application developer
- Advanced features
- Time consumption on an app
- Development team
- Country of development company
The overall cost of developing an on-demand app like CRED will cost you between $20,000 to $70,000. It will depend on the features and factors which we have mentioned above. Apart from this technology is changing day by day and in this changing technology development criteria and features are upgrading so cost can vary based on the technology used. Its upto you what you wnat in your app then the cost will be decided.
- Utilities: Postman, ElasticSearch, Shopify, Amazon SES, Mixpanel, Metabase,Lottie, Glide, AWS Key management service
- DevOps: Git, Docker, Visual Studio Code, BitBucket, WebPack,Sublime text, Kibana, Xcode, Eslint, Selenium, Datadog, Gradle, Kong, Apache Maven
- Business Tools: WordPress, Gmail, Slack, Jira, Trello, Confluence and Asana
Searching for a on-demand cashback app development company
Tech Pathway is the best company if you are looking for all these services for your brand. Because they have experience of how these companies work and what are their business models. Here we have our experienced team of developers and designers who will give you full and final guidance of “how to build an app like CRED .you will get all your answers and solutions in one place.