Launched in 2018, Cred has currently raised $801.5M in funding with the help of 34 investors. Build with a simple idea, Cred provides rewards to customers who use their platform to pay their credit card bills. 

Now, if you are planning to build an app similar to Cred and looking for a complete guide with information on how it earns money then you are at the right place. Here we have pulled our leg for you and drafted this post. 

So, let’s dive in and check the content in this post-

What Is Cred App?

Cred app makes life easier for users that need to pay their credit card bills. It is integrated with WhatsApp and reminds the customer every time their bill payment date arrives. Not only this, Cred provides customers with rewards every time they make a payment, through the Cred app. 

Cred is now adding new features to the app like UPI transactions, Cred wallet, and more as shown in the above video. 

Unique Features Of Cred App

Cred stands out in the crowded finance app market due to several innovative features that enhance user experience and financial management. Here are some of its key unique features:

1. Credit Card Bill Payment Rewards

    • Feature: Cred incentivizes users to pay their credit card bills by offering rewards such as cashback, discounts, and exclusive offers from premium brands.
    • Benefit: This not only encourages timely bill payments but also makes managing credit cards more rewarding and engaging for users.

2. Cred Store

    • Feature: Users can shop for premium products and services at discounted rates through the Cred Store. The store offers a range of brands and products, from electronics to lifestyle goods.
    • Benefit: This feature turns bill payments into a value-adding experience, making the app more attractive to high-credit-score individuals.

3. Credit Score Tracking

    • Feature: Cred provides users with their credit score and detailed insights into their credit reports.
    • Benefit: This transparency helps users monitor and improve their credit health, fostering better financial habits.

4. Exclusive Offers And Deals

    • Feature: Cred partners with various brands to provide users with exclusive deals, discounts, and offers, tailored to their spending habits.
    • Benefit: These offers enhance user engagement and provide tangible benefits, making the app more valuable to its users.

5. Seamless Integration With Banks

    • Feature: The app integrates seamlessly with various banks and credit card providers, allowing users to view all their credit card transactions in one place.
    • Benefit: This integration simplifies financial management, providing a unified view of all credit-related activities.

6. Enhanced Security Features

    • Feature: Cred employs advanced security measures, including biometric authentication, encryption, and real-time fraud monitoring.
    • Benefit: These features ensure that user data and transactions are secure, enhancing trust and reliability.

How To Make An App Like Cred?

Cred credit score checker

To make an app like cred here are the top three steps that you must know-

Partner With An App Development Company

The first step is to partner with a company that has previously developed a financial app and has the best knowledge of using the latest technologies. Partnering with them will save your investment which can later be used in marketing activities. 

Additionally, partnering with them will also help you get some add-on knowledge of features you can integrate and make your app unique. 

Choose The Tech Stack 

Tech stack plays an important role in creating the UI of your app that you need. For example, if you want 3D rendering in your app then you should choose React, or if you want an app with high customization then you should go with Flutter.

Similarly, Angular can be used to make your app and website more secure. If you are confused then we are providing free counseling on app development that you can take. 

Test The App

However, app development companies have a team of quality analysts who will ensure your app runs bug-free and has a simple UI. Anyway, you should ask them for an APK file to have a look at how it will feel and work to ensure that all your requirements are met. 

How Does Cred Make Money?

Cred uses multiple sources of revenue such as

  • Advertisements

Cred allows different businesses like Gillet, Puma, etc. to advertise their products on Cred charging money in return for every ad displayed. Furthermore, cred has a marketplace in their app from which customers can purchase different products. 

  • Cred Coins

For every payment made by a customer, Cred provides them with a certain amount of Cred coins.  Now customers can use these coins to avail of discounts on products listed on Cred and every time a customer uses them Cred charges a fee.

  •  Loans

Recently, Cred did a collab with IDFC bank with which customers can acquire a loan of up to 5 lakhs. Now whenever a customer takes a loan, Cred acquires a certain commission from IDFC.

  • Data

Cred stores all the financial data of the customers ranging from monthly credit card payments to spending limits, they might provide it to institutions that are looking for verified leads. 

These were some ways through which Cred earns money. 

  • Cred Pay

Cred UPI

Cred has recently launched a UPI payment option that can be used by their customers to pay the bill at a store or to a friend directly from their bank account. 

Tech Stack Used To Create An App Like Cred

Based on the knowledge of our experts and some market research, here we have listed some technologies that Cred might have used to develop their app-

1. Data & Application

The app is built on an open-source Javascript called React. Other than that the other technologies used are- 

  • Python
  • NodeJs
  • Android SDK
  • Apache Flink

2. DevOps

  • Docker
  • Git
  • Bitbucket
  • Visual Studio Code
  • Subline Text

3. Utilities

  • Shopify
  • Postman
  • Amazon SES
  • Lottie
  • Glide
  • AWS key management services.

4. Business Tools

  • Gmail
  • WordPress
  • Jira
  • Slack
  • Asana
  • Confluence

Cost Of Developing An App Like Cred

The cost of developing an app like Cred would be between $20,000 to $70,000. However, it also depends on the list of features you want to include in your app, the tech stack you are using, and the mobile app development company you are partnering with. 

Other than that you can here are some more factors that can determine the cost of your app creation-

  • Design of the app.
  • Time consumed to implement your ideas.
  • Country of your app development team.

Challenges In Developing A Finance App

Developing a finance app involves navigating several challenges. Here’s a detailed look at these challenges and strategies to overcome them:

1. Regulatory Compliance

  • Challenge: Finance apps must comply with various regulations, such as GDPR, PCI-DSS, and local financial regulations. These regulations can vary significantly by region and are often complex.
  • Solution: Engaging with legal experts and compliance specialists early in the development process is crucial. Implementing automated compliance checks and staying updated with regulatory changes can help ensure ongoing compliance.

2. Security And Privacy Concerns

  • Challenge: Protecting user data and ensuring transaction security are paramount. Finance apps are prime targets for cyberattacks, including data breaches and fraud.
  • Solution: Utilizing robust encryption protocols, multi-factor authentication (MFA), and regular security audits can enhance app security. Implementing strict data access controls and ensuring compliance with industry security standards (e.g., ISO 27001) are also essential.

3. User Experience And Interface Design:

  • Challenge: Creating an intuitive and user-friendly interface is critical, as finance apps often deal with complex information and functionalities.
  • Solution: Conducting user research, usability testing, and iterative design improvements can help create a seamless user experience. Leveraging design principles such as simplicity, clarity, and consistency is key.

4. Integration with Financial Systems:

  • Challenge: Integrating with various banks, payment gateways, and financial institutions can be technically challenging due to differing APIs and protocols.
  • Solution: Using standardized APIs, employing middleware solutions, and partnering with established fintech integration platforms can streamline this process. Ensuring robust testing and validation of integrations is also vital.

5. Data Privacy And User Trust:

  • Challenge: Ensuring data privacy and building user trust is critical, especially with increasing concerns over data breaches and misuse.
  • Solution: Adopting transparent data handling practices, providing clear privacy policies, and securing user consent are essential. Engaging users with educational content about data security and privacy can also enhance trust.

Conclusion

Now, in the end, we hope that through this post you were able to gain on how to create an app like Cred. 

However, if you are looking for a finance app development company that can create a feature-loaded application at a very reasonable price, then you should check out Appic Softwares. We have a team of an experienced team of developers who can use all the latest technologies like AI, Flutter, React, and more to craft your application. 

So, what are you waiting for?

Start your app development now!