CRED | Not everyone gets it

Picture this : you're waiting in line to enter a new club in the city that you got an exclusive invite to from a close friend you've known for years. You trust this friend with pretty much everything.

The line's moving pretty fast, people are either making it in or waiting to be let in.

The bouncers are dressed in black t-shirts with bold letters "CRIF" & "EXPERIAN"

You're wondering what it is, while they call you to step ahead & share your phone number to ID you.

Five seconds later : they say congratulations, you've made it. Your credit score is a solid 750+.

Welcome to the most rewarding payment experience there is.

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Still wondering what it is?

CRED is a fintech company that was officially launched by Kunal Shah, former founder of freecharge, in the year 2018.

The initial product was built to provide users a platform to manage and pay off credit card bills and get rewarded for timely payments - AKA good financial behaviour

The marketed themselves to be a members-only app curated for the trustworthy & credit-worthy individuals of the country to make financial progress and get rewarded for good financial behaviour.

How does CRED define trustworthy & credit-worthy?

a credit score is a statistical representation of one’s creditworthiness.

CRIF, EXPERIAN, EQUIFAX are used to ensure you've practiced good financial behaviour in the past.

An individuals credit score ranges between 300-900, with 300 being the least & 900 being the most. While you can't achieve the 900 score anymore, 850 is the maximum you can get (it's like trying to get 100/100 in a language subject, they'll never give it to you)

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A good credit score ranges between 670-739 & anything above that is really good.

Hence, only individuals with a really good credit score AKA 750+ get access to the club.

Today CRED has a suite of products - almost like a super app for all your payment needs & a little more:

• CRED money
• CRED mint
• CRED Garage
• CRED escapes
• CRED store
  
• CRED pay
• Scan & pay
• Tap & pay
• Pay anyone
• RuPay cards on UPI

Understand your Product

(Before you begin, you need to know what your product is, what are its features, what is the problem being solved by your product?)

CRED PAY

A collective of UPI payments & credit card payments across your friends, family, online orders & a lot more

Problems & solutions

• Seamless merchant integration : most apps face friction while integrating with payment methods. CRED pay does that very smoothly for large merchants online & offline with extensive tech but also for d2c brands onboarded via shopify, gokwik, shopflo etc.
• CRED pay offers rewards & incentives to the exclusive club members
• Unified payment experience with all UPI, credit card & CC on UPI transactions being done from one place.

Let’s talk UPI

According to NPCI (National Payments Corporation of India) there’s been a run rate of 14.4Mn transactions in the month of July’24. The transaction volume increased by a whopping 44.87% from July 2023 (9,964.61 million) to July 2024 (14,435.55 million)

From when they started in 2016 having 0.09M to just a Lakh in transactions M-O-M to 14.4Mn transactions M-O-M in 2024

Given the rapid digital adoption and innovation in payment systems, the growth could be substantial

Market leaders

• The major players in the UPI market today with txn volumes are :

1. Phonepe - 6983.97 Mn txns
2. Google pay - 5341.23 Mn txns
3. PayTm - 1128.97 Mn txns
4. CRED - 142.56 Mn txns
   
   

CRED holds a 1% market share - think it’s relevant with top 1% branding? Not really, I hope not.

• If we go deeper and split this into P2P (Peer to peer) transactions & P2M (peer to merchant) transactions source : NPCI

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P2M transactions are 1.7x higher which is almost the double of P2P transactions which suggests that a large portion of UPI usage is dedicated to retail and commercial payments. This reflects

• Digital Adoption in Commerce: The widespread use of UPI for everyday purchases, from small shops to large retailers, means many consumers are comfortable using digital payments for transactions of all sizes.
• Shift Toward Cashless Transactions: The higher P2M ratio could indicate more reliance on UPI for daily expenditures, even for low-value transactions.
• Merchant Integration: With many small and large merchants now accepting UPI, consumers have more opportunities to use it, boosting P2M transactions.

TAM calculations

• Unique UPI users - According to the data above and latest NPCI data shared today, the number of unique UPI users that registered and made atleast 1 UPI transaction are - 350 Million
• All credit card users - Latest RBI data available states that there's about 40-50 Million credit card users in India todat.
• Number of credit cards in circulation - 101.8 Million , this indicates that most users have an avg of 2-3 cards atleast.

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Total Addressable Market (TAM) calculations

Only credit card users – 40 Million CC users

• Definition: TAM represents the total potential market size. In this case, it refers to the total number of credit card users in India who could potentially be targeted.
• Assumption: we have identified that there are approximately 40-50 million credit card users in India. For the sake of this calculation, let's assume, a rounded figure of 40 million users as the TAM. This accounts for all credit card users, regardless of whether they hold one or multiple cards.

Unique UPI users – 350 Million UPI users

• Definition : TAM here represents the total number of unique UPI users as per NPCI's latest data
• Assumption : we have identified that there are approximately 350 million unique UPI users in India.
  

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Identifying the overlap between CC users & UPI users

• Many credit card users are also UPI users. However, not all UPI users have credit cards.
• Initially, CRED targeted only those with a credit score of 750+ and a credit card. After launching UPI, they broadened this to include UPI users with a credit score of 750+, even if they didn’t have a credit card.

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• Credit Card Users with 750+ Credit Score: Typically, around 20-25% of credit card users might have a credit score above 750. For simplicity, let’s assume 25%. This gives us:
• • 25% of 40 million = 10 million credit card users with a 750+ credit score.

• UPI Users with 750+ Credit Score: The percentage of UPI users with a 750+ credit score is likely lower since UPI users are more diverse in terms of financial profiles. Let’s assume around 10-15% have a 750+ score. For this calculation, we’ll use 10%:
• • 10% of 350 million = 35 million UPI users with a 750+ credit score.

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Overlap Between Credit Card and UPI Users: A significant number of high credit score credit card users are also likely to be UPI users. Let’s assume a conservative overlap where 50% of high credit score credit card users are also counted among the UPI users with a high credit score. This would reduce the potential for double-counting:

• Overlap = 50% of 10 million = 5 million users.

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Final TAM Estimate

• Non-overlapping Credit Card Users with 750+ Credit Score: 10 million - 5 million (already counted in UPI) = 5 million unique credit card users.
• Non-overlapping UPI Users with 750+ Credit Score: 35 million - 5 million (already counted in credit card users) = 30 million unique UPI users.

Combining the non-overlapping portions:

• 5 million (credit card users) + 30 million (UPI users) = 35 million unique users.

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Concluding with 35 million unique users being our TAM​

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2. Serviceable Addressable Market (SAM) –

• Definition: SAM represents the segment of the TAM that your service can realistically target based on factors like market accessibility, product fit, and user behavior.
  SAM for CRED would be narrowed down to users that with CRED's core value prop & serviceability
  

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Reasoning

• Engagement Level: CRED has demonstrated the ability to engage a significant portion of the market with its current 17 million gated-in users. Given this, it's reasonable to assume that a larger share of the TAM is serviceable.
• CRED’s Market Penetration: CRED's platform appeals to a digitally savvy, financially engaged demographic. This group is likely a substantial portion of the TAM, especially given the trends in digital adoption in India.
  
  
  This should be about 60-70% of the TAM today
  70% of 35 million TAM: 24.5 million users.

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Concluding with 24.5 million unique users being our SAM​

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Serviceable Obtainable Market (SOM) –

• Given that our SAM is at 24.5Mn user base. CRED's current gated in user base being 17Million
  & the current penetration it's reasonable to assume CRED could capture 90% of the total SAM today.
  
  90% of 24.5Million SAM = 22.05 Million users

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Concluding with 22.05 million users being our SOM

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Final assumptions

TAM - 35 MILLION USERS

SAM - 24.5 MILLION USERS

SOM - 22.05 MILLION USERS

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In-Depth Competitor Analysis

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Overall summary and takeaways:

Learning from PhonePe and Google Pay: Both platforms have thrived by prioritizing simplicity and user-friendliness in their design. A key takeaway is that no matter how feature-rich a platform is, ensuring a seamless and intuitive user experience is crucial. The easier it is for users to navigate and complete transactions, the more likely they are to stay engaged.

Learning from Paytm: Paytm’s extensive merchant network and acceptance across both online and offline environments have been pivotal to its success. A key lesson here is that widespread merchant acceptance drives consumer adoption, as users prefer platforms they can use universally.

With CRED's niche audience, a lot of what phonepe, paytm or google pay does is not replicable at CRED apart from basic changes that are required since these competitors have the largest wallet share in the country.
Adopting some of their strategies while staying true to CRED's core value prop should help us scale.
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ICPs - Ideal customer profile

Basis user calling exercise + one HNWI assumption : Let’s evaluate some potential ICPs & give them some personality to feel like they’re real humans 👽

Take a look at their relationship with money 🤑

Take a look at their relationship with CRED

Keeping the 5 core principles to choose our ICPs

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Sizeable TAM calculations

With 30 million credit card users with a credit score above 750 in India. Let’s split them by the above 4 categories to measure the sizeable TAM

1. High-Value Credit Card Users

• Percentage: 15% of credit card holders.
• Calculation: High-Value Credit Card Users = 30 million x 15% ( credit cards user x assumed % age of high value credit card users)
  Number: Approximately 4.5 million high-value credit card users in India.

2. Frequent Reward Seekers

• Percentage: 25-30% of credit card holders.
• Calculation:
  Number: Approximately 8.1 million frequent reward seekers in India.
• • frequent reward seekers = 30 million x 27%

3. Financially Savvy Millennials

• Percentage: 35-40% of millennials interested in digital financial tool
• Calculation:
  Number: Approximately 10.5 million financially savvy millennials in India.
• • financial savvy millenials = 30 million x 35%

4. Premium Lifestyle Enthusiasts

• Number of HNWIs in India: 3.589 million (35.89 lakh).
• Number of Credit Card Holders in India: 40 to 50 million.
• Percentage of HNWIs using Credit Cards: Generally, it is reasonable to assume that a high proportion of HNWIs use credit cards. Let's estimate that around 80-90% of HNWIs use credit cards.

Calculations

• Calculate the Number of HNWIs using Credit Cards:
  Number of HNWIs using Credit Cards = 2.8712million
• • Number of HNWIs using Credit Cards= 3.589 million × 80%

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We’ll be picking Shashank & Sachin as our ICPs - who fall under High value credit card users & financial savvy millennials & since they use their credit cards, they’re also most likely (90% probability) to have adopted to using UPI as well.

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Marketing pitch

https://www.instagram.com/reel/C5GBfOxA2sU/?igsh=OG9qeXlmeHQ1ZXhl

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Core value prop :

upgrade to CRED UPI & get cashback to kill your credit card bills. Every payment is rewarding​

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JTBD framework to understand users motivations

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Pain points with current flow

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Let’s talk about what has worked so far

Content loops

​1. Prime Ad Slots:

• What it Involved: CRED strategically purchased ad slots during IPL matches, specifically targeting the prime times when the most viewers are watching. These slots are highly coveted because they guarantee a large and engaged audience.
• How it Works:
• • Massive Reach: IPL is one of the most-watched sporting events in India, attracting millions of viewers across diverse demographics, particularly in the 18-60 age range. By advertising during prime slots, CRED ensures its UPI service reaches a vast audience, maximizing visibility.
  • Enhanced Brand Recognition: Regular exposure to the brand during such a popular event increases brand recognition. Viewers are more likely to remember and recognize the CRED UPI brand due to repeated, high-visibility placements.
  • Association with Popular Culture: By aligning with a major cultural event like IPL, CRED taps into the excitement and energy surrounding the event, making the brand more relatable and memorable.

2.IPL Campaigns:

• What it Involved: CRED’s ads during IPL were not just regular commercials; they were creatively designed, often featuring celebrities, humor, and unique storytelling that resonated with the audience.
• How it Works:
• • Celebrity Endorsements: Featuring well-known celebrities in ads helps in grabbing the viewer’s attention. Celebrities bring their own fan base, which increases the likelihood of the ad being noticed and remembered.
  • Humorous and Engaging Content: Ads that are funny or emotionally engaging tend to stick in people’s minds. CRED’s ads are designed to be memorable, making viewers more likely to recall the brand and explore the service.
  • Viral Potential: Creative and humorous ads are more likely to be shared on social media, extending their reach beyond the initial TV broadcast. This can create a viral effect, where the ad gains additional traction through word-of-mouth and social sharing.

Effectiveness of the Strategy:

• Increased Brand Recall: The combination of high-visibility placements and engaging content makes CRED UPI more memorable. When viewers see the ad repeatedly, especially in an enjoyable format, they are more likely to remember and consider using the service.
• Broadened Audience Reach: By advertising during IPL, CRED taps into a wide demographic, ensuring that a large and diverse audience is aware of its UPI service.
• Brand Positioning: Associating CRED UPI with a high-profile event like IPL helps position the brand as dynamic, relevant, and in touch with current trends, which can enhance its appeal to the target audience.

Conclusion:

These strategies work by leveraging the massive viewership and cultural significance of IPL, combined with engaging and memorable ad content, to increase brand visibility, recall, and ultimately, user adoption of CRED UPI. The goal is to make CRED UPI top-of-mind for viewers, encouraging them to use the service in their daily lives.

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IN - APP CAMPAIGNS

Kill the bill - during IPL

​Campaign Overview

• Objective: Increase UPI adoption and engagement on CRED by leveraging the IPL season's massive viewership through an in-app campaign named "Kill the Bill" with a streaks narrative.
• Key Features:
• • Streaks Narrative: Users were encouraged to complete a series of transactions (streaks) to "kill the bill," thereby incentivizing repeated use of CRED's UPI service.
  • Timing: The campaign was strategically launched during the IPL to tap into the heightened user activity and engagement.

Results

1. User Growth and Retention:
2. • New User Growth (NTUs):
   • • 1 Million New Users (NTUs): The campaign brought in 1 million new users to CRED, with 1.05 million previously inactive users (zombies) returning to the platform, a 20% increase over the baseline.
   • Adoption:
   • • 2.4 Million Users on UPI: This represents a 60-70% increase over the usual monthly baseline, and adoption rates more than doubled during the payment cycle.
   • Retention:
   • • 1.5 Million Users Retained in Month 1: Out of the new adopters, 1.5 million users continued to use CRED’s UPI service into the next month.
3. Engagement Metrics:
4. • Streak Completion:
   • • 40% Streak Completion Rate: 40% of users who started a streak completed it, indicating strong engagement. However, there was a noted challenge with users who only completed one transaction.
   • Zombie Resurrection:
   • • 1 Million Zombies Resurrected: This was a 20% increase over the baseline, showing the campaign's effectiveness in re-engaging previously inactive users.

Learnings and Insights

1. Streak Completion Rate:
2. • Challenge: The streak completion rate has a natural upper limit, as many users only performed one transaction. These users often lacked a strong use-case to return for the streak, leading to reduced recall of CRED after the first transaction.
   • Insight: There is a need to improve post-adoption recall and engagement to encourage repeat use. Users who don’t return the next day are less likely to re-engage with the streak narrative, leading to lower overall retention.
3. Leveraging "Pay Online" as TOFU (Top of the Funnel) for Streaks:
4. • Challenge: Starting streaks without explicit user intent made it difficult to educate users about the streak, drive session engagement, and build intent to use SNP (Send to Pay) or P2P (Peer-to-Peer) transactions.
   • Solution: Integrate the "Pay Online" channel (CRED Pay on merchant funnels) as a TOFU strategy for streaks. This could help users naturally discover and engage with streaks as they perform transactions, thereby increasing session frequency and streak completion.

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Current REFERRAL PROGRAM

Pop challenge - A gamified experience which let's you invite your friends to play the game on the app creating a referral loop

• Objective: Boost user engagement by encouraging existing users (referees) to bring new users (referred) to CRED through a referral program. Both parties receive cashback upon the first payment made on the app.
• Key Features:
• • Cashback Incentives: Both the referee and referred users receive cashback after the referred user's first payment.
  • Referral Streaks: Users can unlock additional cashbacks by referring more users and reaching higher levels.

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​Metrics and Performance

1. Referral Funnel:
2. • Discovery to Invite: 20-25% of users who discover the referral program within a 30-day period go on to send invites.
   • Invite to Sign-Up Conversion: 15-20% of users who are invited actually sign up for CRED.
   • Sign-Up to Payer Conversion: 20-25% of users who sign up make a payment, triggering the cashback reward.
3. Cashback Claim Rates:
4. • Referees: 90% of users who refer others claim their cashback within 7 days of the referred user's first payment.
   • Referred Users: 50% of referred users claim their cashback within 7 days of making their first payment.
5. Customer Acquisition Cost (CAC):
6. • Current Trend: CAC is trending at Rs. 350 per new user acquired through the referral program.
7. Month-on-Month Data:
8. • Referral Streaks: Users are incentivized to refer more people to unlock successive levels of cashback rewards.
     
     
     

Pain Points and Challenges

1. Discovery and Visibility:
2. • Problem: Many power users report that they’ve referred others only through word of mouth because they were unaware of the referral program’s location within the app.
   • Insight: The low visibility of the referral program is a significant barrier. Users who might be inclined to refer others don’t know where to find the referral feature on the app, leading to missed opportunities.
3. User Assumptions:
4. • Problem: Some users assume that others are already using CRED due to the brand’s strong reputation, which may reduce their motivation to refer friends.
   • Insight: This assumption limits the natural growth potential through referrals, as users might not feel the need to actively encourage others to join.
5. Missed Referral Opportunities:
6. • Problem: There are limited touchpoints where users are reminded about the referral program, particularly during high-engagement moments such as paying their credit card bills (the "AHA" moment).
   • Solution: Increase touchpoints and notifications related to the referral program, especially during critical user activities like bill payments. This can prompt users to think about referring friends at a moment when they are most engaged with the app.

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What are some key levers that can be used to grow here

Product Integrations:

• Why Product Integrations?
• • Increase User Engagement: By integrating CRED’s services into platforms where users already spend a significant amount of time, we can naturally increase the frequency and volume of interactions. This leads to higher engagement and retention, as users find CRED’s offerings seamlessly embedded in their daily activities.
  • Leverage Existing User Bases especially with pay online being available on merchant funnels Partnering with established platforms or financial services allows CRED to tap into their user bases, expanding our reach without the need for direct customer acquisition efforts. This can be particularly effective in attracting users who may not have considered CRED otherwise.
  • Enhance Value Proposition: Product integrations can enhance the overall value proposition of CRED by offering users additional benefits, such as exclusive rewards or personalized financial products. This strengthens user loyalty and makes CRED a more integral part of their financial lives.

2. Referral Program:

• Why Redesign the Referral Program?
• • Drive Organic Growth: A well-designed referral program can harness the power of word-of-mouth, turning satisfied users into brand advocates. By making the referral process more accessible and rewarding, we can accelerate user growth organically and cost-effectively.
  • Improve Conversion Rates: The current referral funnel shows potential for improvement, particularly in the areas of discovery and visibility. By redesigning the program to address these pain points, we can increase the conversion rates at each stage of the referral process, from discovery to sign-up and eventual activation.
  • Capitalize on High-Engagement Moments: By integrating referral prompts into high-engagement moments within the app, such as during payment transactions, we can increase the likelihood that users will refer friends when they are most satisfied with the service AKA during the AHA moment experience. This not only boosts the number of referrals but also enhances the quality of the referred users, leading to better retention and engagement rates.

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Product Integration Strategy: CRED UPI and Split Bill Feature

Overview:

The goal of this strategy is to increase user adoption of CRED’s P2P (peer-to-peer) and P2M (peer-to-merchant) payment features, particularly in high-transacting categories like food and dining. By introducing a “Split Bill” feature within the CRED UPI and CRED Pay ecosystem, we can encourage more users to engage with the platform, drive new user acquisition, and increase frequency of product usage.

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Let’s look at some key places users are making P2M transactions

1. High Transacting Categories:
2. • Food and Dining:
   • • Fast food restaurants & delivery services
     • Eating places and restaurants
     • Bakeries
   • Retail and Consumer Goods:
   • • Department stores
     • Drug stores and pharmacies
   • Digital Goods:
   • • Online games and digital content
   • Telecommunication and Utilities:
   • • Telecommunication services
     • Utility payments (electricity, gas, water)
   • Fuel and Transportation:
   • • Service stations
3. Medium Transacting Categories:
4. • Beverages and Grocery Shops:
   • • Grocery stores, dairies, liquor stores
   • Financial and Brokerage Services:
   • • Debt collection, securities brokers
   • Niche Markets and Repair Services:
   • • Online marketplaces, repair shops

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​Feature Implementation: Split Bill with CRED UPI

Scenario:

• A user makes a large order at a restaurant or on a food delivery platform like Swiggy using CRED Pay or CRED UPI.
• After completing the payment, the user is presented with an option to "Split the Bill" with friends.

User Journey:

1. Payment Completion:
2. • After the user pays for the order, CRED offers a call-out at the merchant’s checkout: “Split the bill with your friends & earn cashback. Use it to reduce your credit card bill.”
3. Split Bill Feature:
4. • In-App Prompt: The user is prompted to split the bill by selecting contacts from their phone.
   • Notification to Friends:
   • • Existing CRED Users: Receive an in-app notification and a push notification (PN) to pay their share.
     • New or Inactive Users(without app): Receive a WhatsApp message with a referral link, encouraging them to download CRED or return to the app to complete the payment.
5. Cashback Incentives:
6. • New to CRED Users: Receive a higher cashback amount to encourage sign-up and first-time usage.
   • New to CRED Pay Users: Receive a medium cashback incentive to promote adoption of the payment feature.
   • Existing Active Users: Receive a lower cashback incentive to maintain engagement.
   • Zombie Users (those who have uninstalled the app/dormant user): Receive a higher cashback to incentivize re-engagement.
7. Core Product Loop Integration:
8. • The cashback earned from splitting the bill can be used to pay off credit card bills, reinforcing the core value proposition of CRED and bringing users back to the app to experience the AHA moment

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expected outcomes:

1. Increase in UPI and CRED Pay Adoption:
2. • The split bill feature will drive more users to adopt CRED’s payment services, particularly in high-frequency transaction categories like food and dining.
3. Enhanced User Engagement:
4. • By providing a seamless and rewarding way to split bills, users are more likely to engage with the app frequently, leading to higher retention rates.
5. Referral and Acquisition Loop:
6. • The integration of split bills as a referral mechanism effectively turns existing users into ambassadors, encouraging their friends to join CRED and complete transactions to unlock rewards.
7. Reactivation of Inactive Users:
8. • The targeted cashback incentives for zombie users will help re-engage individuals who have stopped using the app, driving them back into the CRED ecosystem.

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Referral programm redesigning

BRAG worthy aspect of being on CRED : exclusive access to users with a premium credit score.
AND Earn Rewards for Paying Bills: CRED revolutionized the credit card payment process by offering users rewards for simply paying their bills on time, turning a mundane task into a rewarding experience.

Current referral program : POP CHALLENGE​

• Objective: Boost user engagement by encouraging existing users (referees) to bring new users (referred) to CRED through a referral program. Both parties receive cashback upon the first payment made on the app.
• Key Features:
• • Cashback Incentives: Both the referee and referred users receive cashback after the referred user's first payment.
  • Referral Streaks: Users can unlock additional cashbacks by referring more users and reaching higher levels.

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​Metrics and Performance

1. Referral Funnel:
2. • Discovery to Invite: 20-25% of users who discover the referral program within a 30-day period go on to send invites.
   • Invite to Sign-Up Conversion: 15-20% of users who are invited actually sign up for CRED.
   • Sign-Up to Payer Conversion: 20-25% of users who sign up make a payment, triggering the cashback reward.
3. Cashback Claim Rates:
4. • Referees: 90% of users who refer others claim their cashback within 7 days of the referred user's first payment.
   • Referred Users: 50% of referred users claim their cashback within 7 days of making their first payment.
5. Customer Acquisition Cost (CAC):
6. • Current Trend: CAC is trending at Rs. 350 per new user acquired through the referral program.
7. Month-on-Month Data:
8. • Referral Streaks: Users are incentivized to refer more people to unlock successive levels of cashback rewards.

Current pain points

1. Discovery and Visibility:
2. • Problem: Many power users report that they’ve referred others only through word of mouth because they were unaware of the referral program’s location within the app.
   • Insight: The low visibility of the referral program is a significant barrier. Users who might be inclined to refer others don’t know where to find the referral feature on the app, leading to missed opportunities.
3. User Assumptions:
4. • Problem: Some users assume that others are already using CRED due to the brand’s strong reputation, which may reduce their motivation to refer friends.
   • Insight: This assumption limits the natural growth potential through referrals, as users might not feel the need to actively encourage others to join.
5. Missed Referral Opportunities:
6. • Problem: There are limited touchpoints where users are reminded about the referral program, particularly during high-engagement moments such as paying their credit card bills (the "AHA" moment).
   • Solution: Increase touchpoints and notifications related to the referral program, especially during critical user activities like bill payments. This can prompt users to think about referring friends at a moment when they are most engaged with the app.

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Objective : increasing touch points & trigger moments to solve for pain points of users and keeping leaderboard intact

Post Payment Success Screen visibility :

• Scenario: After the user completes a payment, the success screen should include a clear, visible referral prompt.
• Prompt: Display banner on the payment success screen that encourages users to refer friends and earn extra rewards.
• Messaging: “Payment successful! Invite friends to CRED and earn cashback when they join and pay!”

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​Cashback Redemption Page:

• Scenario: When a user is about to redeem or has just redeemed their cashback.
• Prompt: A referral banner should be displayed on the cashback redemption screen, suggesting they refer friends to maximize their rewards.
• Messaging: “claim now and stand a chance to earn more! refer friends now and earn extra cashback"
  
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• Prompt: Send a push notification encouraging them to share the experience with friends.
• Messaging: “Congratulations on earning ₹X! Share CRED with friends and earn more for every successful referral.”
  
  
  
  
  Referral Streak Challenges:
• Scenario: Monthly or seasonal challenges instead of continous timeframe
• Prompt: Encourage users to refer a certain number of friends within a specific timeframe to unlock special rewards.
• Messaging: “Referral Streak Challenge: Invite 4 friends this month and unlock 2x cashback!”

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Similar to only fridays - Coin drops - another gameified experience for users to optimise the usage of their CRED coins

A referral system integrated with rewards today where users can use their CRED coins to participate in “Coin Drops” that give them a chance to win exclusive rewards by inviting friends.

Coin Drop Event:

• Event Setup: Hosting periodic “Coin Drop” events in app where users can use their CRED coins to enter a draw. Each entry increases their chances of winning rewards based on the number of friends they invite.
• Entry Cost: Users spend a set number of CRED coins (e.g., 1000 coins) to enter each Coin Drop.

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Referral Integration:

• Invite Mechanism: For each friend they invite who signs up and engages with CRED, users receive additional entries into the Coin Drop.

Reward system

• Prizes: Offering a range of prizes, all exclusive larger prizes like apple products or Nike sneakers etc.
• Winners: Draw winners randomly from the pool of entries at the end of each Coin Drop event. Announce winners via in-app webview to social proof the winners & also additionally send notifications and email.

Expected outcomes

​Apple Products:

• Higher CAC means it’s more expensive to acquire each user.
• High-Value Reward Impact: This might attract a lot of users initially but may not be sustainable long-term due to high costs.

Nike Sneakers:

• Lower CAC makes it more cost-effective.
• Moderate Reward Impact: Still attractive, but with lower costs, it’s easier to scale.

Additional Considerations

• Conversion Rate: If the actual conversion rate is different from the assumed 20%, CAC will need adjustment.
• Referral Quality: Higher-quality referrals might improve the conversion rate, impacting CAC positively.
• Budget: Ensure the rewards fit within the budget and align with long-term growth strategies.

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​we hope this helped you break the cold start problem!

Reminder: This is not the only format to follow, feel free to edit it as you wish!

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