Mastercard, in partnership with domestic fintech unicorn CRED, on Monday launched a campaign that will enable Mastercard credit cardholders to make simple, secure tuition and rent payments for housing expenses using the CRED app.
Mastercard, in an official statement, explained that cardholders will get to enjoy the convenience of making high-value transactions such as rent and education fees while benefiting from additional liquidity and enjoying exclusive cashback and credit card rewards.
“Mastercard cardholders can use the CRED app to make seamless payments while earning rewards and cashback,” explained Mastercard.
The firm explained that against the backdrop of the pandemic, there has been an accelerated shift toward digital payments amongst Indian consumers when it comes to education spending. It further added that rent payments have also seen a similar trend.
To address this need, the Mastercard-CRED partnership has offered a seamless credit card-based payment solution that gives millions of consumers greater choice in how they pay.
To make payments, consumers only need to enter the bank account number and Indian Financial System Code (IFSC) of the receiving educational institution or the rent recipient on the CRED app and follow five steps:
- Go to the pay section on the CRED app
- Click on RENT or EDUCATION payments
- Enter the payee details
- Select the offer
- Select their Mastercard credit card and complete the transaction
Apart from the standard benefits, Mastercard credit cardholders using the CRED app will also get some added benefits. These are – Rs 100 cashback and Rs 999 e-learning gift voucher when paying tuition fees and 2 per cent cashback up to Rs 200 when paying rent for housing.
“By rewarding transactions and providing a seamless experience, we can enable more CRED members to use their cards for large value recurring transactions,” said Akshay Aedula of CRED. “At CRED we are creating a system that strives to reward high trust and creditworthy individuals of India, inspiring others to be like them,” he added.
“This partnership with CRED opens convenient, new payment possibilities on credit card spends for millions of mobile-first users and facilitates greater choice for Mastercard cardholders. Enabling high value, recurring transactions such as tuition and rent to be paid on credit cards will make strides in accelerating India’s transition to a less cash economy,” said Aditya Murthy, Vice President, Digital Partnerships, South Asia, Mastercard.