Coins for Oxygen: Has it worked for CRED, or does it look gimmicky?

CRED is letting users donate their ‘coins’ towards the supply of oxygen concentrators. The initiative has fetched polarising responses on, and off, social media.

Users of the CRED app now have the option of donating their ‘CRED coins’ towards the supply of oxygen concentrators for COVID patients. The fintech brand has partnered with Milaap, an independent NGO, to execute this initiative.

CRED coins are accumulated by users when they pay their bills on the app. Now, a UI/UX tweak allows them to donate these coins in the fight against COVID.

To begin with, CRED was already being called out, by users and rival brands alike, for its lack of clarity on the real world value of these virtual rewards points. However, this latest coins-for-oxygen move has drawn some serious flak.

While some are lauding the move, many are questioning it, not least because there’s no clear information about how the team plans to go about ‘converting’ virtual points into lifesaving oxygen.

There are many who echo this view. All in all, will this effort to be charitable backfire and make the brand look opportunistic and gimmicky? Here is what five industry experts have to say.

Edited excerpts:

Navin Kansal – chief creative officer – 21N78E Creative Labs

When I redeemed my CRED coins, I was in two minds about whether I should share it on my social platforms or not but I went ahead and did it anyway so as to nudge other Cred users to act too.

The goodwill that Cred will get out of this initiative will be a result of the branding work they’ve done in the last few months since they’ve been very disruptive when it comes to their advertising. As far as this initiative goes, it is low hanging fruit for Cred since most users already had Cred coins that they in all likelihood hadn’t redeemed.