CRED Gets RBI’s Approval to Operate as Payment Aggregator

CRED, an Indian fintech company, has received the final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator. With the Payment Aggregator License, CRED will be allowed to onboard merchants, collect payments on their behalf, and handle refunds and settlements.

The approval is a result of CRED’s operational discipline, safeguards and governance. The company and its subsidiaries now have two authorizations from the RBI, including the Prepaid Payment Instrument.

CRED said that the RBI’s license will allow it to operate a payment system directly under the regulator’s supervision.

Founded in 2018 by Kunal Shah, CRED rewards users with CRED points and cashback for paying credit card bills on time. It helps users manage all their credit cards, track expenses, and pay bills, rent, or education fees using UPI and credit cards.