Approval Allows Fintech Firm to Onboard Merchants and Process Payments Directly
The Reserve Bank of India has granted final authorisation to CRED to operate as a Payment Aggregator (PA). The licence allows the company to onboard merchants, process payments on their behalf, and manage settlements and refunds across multiple payment instruments.
The approval has been granted to Dreamplug Paytech Solutions Private Limited, the entity that operates CRED’s payments business. With this authorisation, the platform will run its payment aggregation system directly under the supervision of the RBI.
Regulatory Milestone After In-Principle Approval
The final authorisation comes nearly two years after the RBI had granted the company in-principle approval for the Payment Aggregator licence. The regulatory clearance allows CRED to expand its role in India’s digital payments ecosystem and strengthen its merchant payment infrastructure.
CRED and its subsidiaries now hold multiple financial licences across sectors. These include a Prepaid Payment Instrument licence from the RBI, a corporate agency licence from the Insurance Regulatory and Development Authority of India, a registered investment advisor licence from the Securities and Exchange Board of India, and a Third Party Application Provider licence from the National Payments Corporation of India.
Growing Role in India’s Digital Payments Ecosystem
Founded by Kunal Shah, CRED offers services that allow users to manage credit card payments, track credit scores, and monitor financial activity through its platform.
During FY25, the company processed payments worth over ₹8.5 lakh crore for more than 1.5 crore users. According to the company, over one-third of credit card bill payments in India are now made through its platform.
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