How is CheQ revolutionizing Credit Management in India?


The rise of digital payments has brought a global revolution to the financial ecosystem. With accounting and billing software, online payment apps are also becoming popular. Since 2016, India has become a hub for UPI payments. Simultaneously, the credit card market is growing exponentially in the country. Also, the past couple of months have witnessed fewer debit card transactions than credit card transactions. 

Startups and tech giants have entered the credit card management space. SMEs encourage new users to enter this payment system through incentives and simplified processes. Right from the accounting software to the financial advisors, everyone is eyeing the CC space through multiple services. 

The future is near when debit card users will drastically shift to credit cards. Most of us are acquainted with CRED, but CheQ is also becoming popular. Aditya Soni- former business head of payments at Flipkart, established CheQ. Stepping out of his eCom journey, Soni set up CheQ in 2022.

What is CheQ? 

CheQ is a platform that enables users to pay credit card bills and loan EMIs. Its ‘pay together’ feature lets users pay multiple bills through a single transaction. To encourage payments through CheQ, the platform offers a 1% reward known as CheQ chips on every payment made or EMI. Also, users can encash the currency from the app and transfer it to their bank accounts. Although CheQ looks similar to CRED, it aims to become the complete suite of credit management services for credit card users.

How CheQ is Growing in India?

Capturing the credit card market in India, CheQ urges users to enter the digital lending space, too. The platform enables users to repay personal loans and offers a complete view of their credit exposure. 

Though CheQ is a newbie in the market, it facilitated around 1.5% of the total retail credit payments in May. In addition, it raised funds from Venture Highway and is targeting a revenue of $10-$12 in the fiscal year 2024. 

Rising from the ashes, the startup acquired its presence across 300+ Indian cities and 1K+ pin codes. In June 2022, it secured $10 Mn in seed funding. 

Catching the attention of young and skilled talent is a tedious task for startups, but CheQ managed to garner massive attention from the tech-savvies. Though the founder, Aditya Soni, didn’t have any tech background, he aimed to be a strong leader for the startup. As Bipin Toro and Akash Kedia joined CheQ’s leadership team, its success skyrocketed with a new business model in place. 

Working of CheQ

CheQ works on two critical layers.  

  • The First Layer: 

The 1st Layer caters to direct integration with banks and fintechs like SBI, ICICI, and Axis Bank. This allows the customers to pay the credit amount directly to the banks. Along with the banks, CheQ has a direct interface with the payment gateways like Cashfree, Razorpay, etc. The immediate connection to online payment platforms allows users to pay multiple credit card bills through a single window. 

  • The Second Layer:

The second Layer analyzes the user’s credit exposure and provides valuable insights like improvements in credit scores, transaction history, and other imported credit details. CheQ generates comprehensive reports and gives a clear understanding of financial health. 

Business Model 

The initial step begins with the installation and verification process. It fetches the credit report from an RBI-approved bureau partner. The report includes the user’s credit card and loan details. 

Users need to do one-time tokenization authorized by the Reserve Bank of India for credit card bill payments. Tokenization opens the gateway for applications to store card details through tokens or codes. It eliminates the need to keep actual card details or verification values. This is a security measure since the original information is not shared. 

CheQ has turned customer-centric with a more personalized service. Unlike CRED, it allows active credit card holders to join the platform without any selection criteria. The home screen gives a clear understanding of the user’s financial status. The dashboard displays the user’s credit score and CheQ chip balance. 

CheQ has formulated two revenue streams: 

  1. The Processing Fee refers to the charges applied to the user’s bill transactions.
  2. Commission: The amount charged to the partner banks or other financial institutions for facilitating credits. 

The founder of CheQ stated, they have introduced the processing fee to uphold their high standards. They not only aim to grow but also maintain sustainability. Also, it helps them to deliver customer satisfaction without being engaged in marketing activities. 

Future RoadMap 

  1. The platform plans to expand its customer base through technological advancements. 
  2. Adapt to new marketing and communication strategies to retain and attract new customers. 
  3. Deep dive into the credit management space and generate sustainable revenue through this outstanding product. 

Wrap Up 

Hopefully, you have understood the CheQs journey so far. The platform is slowly storming out in the Indian market with renowned services. It is driving the Credit management space with its unique business model. 

If you have any queries, shoot them here. We will surely answer them. 

Are you looking for accounting and billing software? Check out Munim, a complete suite of accounting, billing, and GST filing solutions. Hurry up! Visit our website now! 


  1. What is CRED? 

CRED is defined as an Indian fintech company based in Bangalore. Kunal Shah found it. It provides users with short-term credit lines to pay rent, loans, and bills. 

  1. What is the joining fee for CheQ? 

The joining fee of CheQ is rupees 800 for every customer. 

  1. Is CheQ profitable? 

CheQ helps you earn a maximum of 4000 chips every month. These rewards are far higher than what CRED offers. Since they are new to the market, CheQ looks profitable as of now. 


About the author

Nidhi is a dedicated Senior SEO Executive with a passion for optimizing digital content to achieve top search engine rankings. With a Bachelor's degree in Computer Application and over five years of experience in the digital marketing industry, Nidhi has a proven track record of driving organic traffic and enhancing online visibility for various brands.

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