Cred, a Bengaluru-based fintech platform, outpaced PhonePe in terms of bill payment value in May 2025, processing ₹52,000 crore, 75% more than PhonePe’s ₹30,000 crore. While PhonePe leads in bill payment volume, Cred dominates in high-value transactions, driven by its focus on credit card bill payments through the Bharat Connect platform.
Cred, a Bengaluru-based fintech company known for its credit card bill payment and rewards platform, processed ₹52,000 crore in bill payments in May 2025—75% more than its nearest competitor PhonePe, India’s largest mobile and Unified Payments Interface (UPI) platform.
This data, reported by Bharat Connect, India’s central utility payment platform managed under the Reserve Bank of India’s (RBI) initiative, highlights the contrasting strengths of both platforms: PhonePe leads in volume, while Cred leads in value.
While Cred processed 3.6 crore bills in May, with an average bill size exceeding ₹14,000, PhonePe handled 9.3 crore bills, but with a lower average value of ₹3,000. PhonePe’s total bill payment value in May stood at ₹30,000 crore.
Cred’s dominance is attributed to its position as the country’s leading platform for credit card bill payments. The company joined the Bharat Connect ecosystem in September 2024 after RBI mandated routing of all credit card bill payments through the platform (formerly Bharat Bill Payment System).
The regulatory directive prompted Cred to become a certified Customer Operating Unit (COU) under Bharat Connect in August 2024, ensuring all its credit card bill settlements align with the RBI’s guidelines from September onwards.
Founded as a credit card payment reward platform, Cred has evolved into a comprehensive financial services provider. Its services now span UPI transactions, vehicle management, wealth tech, and lending, including a product named Svalbard, which allows users to secure digital credit lines against mutual funds.
In FY24, Cred posted a 66% revenue increase to ₹2,473 crore, while reducing operational losses by 41% to ₹609 crore. With 145 million UPI transactions monthly, Cred is currently the sixth-largest UPI player in India, handling approximately ₹55,000 crore worth of transactions every month.
Meanwhile, PhonePe, which is owned by Walmart, has maintained its leadership in transaction volumes and reported a 60% YoY growth in bill payment value, rising from ₹18,700 crore in May 2024 to ₹30,000 crore in May 2025.
The Bharat Connect platform, initiated by the RBI in 2017, aims to unify all utility billers across India on a single digital infrastructure. Prior to its establishment, apps like PhonePe and others connected directly with utility providers for payments.
