Fintech unicorn Cred, which started as a credit card payments platform in 2018, has begun facilitating peer-to-peer Unified Payments Interface (UPI) transactions, the company said on April 17.

“After the QR code payment was launched, a new payment experience was introduced; members can ‘pay everywhere’ through UPI. Members can now use multiple payment options on CRED – offline payment (UPI P2P, Scan & Pay, Tap to Pay), online merchants payments (CRED Pay, CRED flash) and bill payments,” the company said.

The UPI ecosystem is currently dominated by Walmart-owned PhonePe and Google Pay, which have about 85% of the market, with Paytm in third place with about 10%.

Cred, backed by Sequoia Capital and Tiger Global, was valued at about $6.5 billion in its last funding round last June. In FY22, the company lost 144% to Rs 1,279 crore, while revenue jumped 312% to Rs 393 crore.

Founded by serial entrepreneur Kunal Shah, Cred has rapidly expanded into payments, lending, investing, and commerce. It remains to be seen how effectively it can cross-sell, up-sell, and monetise these engines.

In a tweet last year, Shah suggested that Cred should be considered a super app, built like a web series that introduces characters one at a time and has connections to previous ones.

“A lot of companies that are trying to be super apps from the start are becoming like a buffet at a big wedding where you don’t know 90% of the dishes,” he said at the time.