India’s fintech ecosystem has received a notable development as CRED has obtained approval from the Reserve Bank of India to operate as a payment aggregator. The authorization has been granted through its subsidiary Dreamplug Paytech Solutions.
With this approval, CRED can now directly onboard merchants, process payments, settle transactions, and manage refunds under the supervision of the central bank.
The license is considered significant because it allows the fintech company to process payments without relying on intermediaries. This could make payment operations smoother and more cost-efficient for businesses using the platform. The approval also confirms that the company has met the regulatory standards set by the Reserve Bank of India.
CRED already holds a strong position in India’s credit card payment ecosystem. During FY2024-25, the company processed more than ₹8.5 trillion in transactions for 15 million users. It also claims to handle over one-third of all credit card bill payments across the country.
The new authorization strengthens CRED’s capabilities. It allows the company to onboard merchants, collect payments, and directly manage settlements and refunds through its own infrastructure.
Founded by Kunal Shah and currently valued at $6.4 billion, CRED primarily focuses on credit card payments. The company also emphasizes regulatory compliance and data security.
Its group companies operate under licenses issued by Insurance Regulatory and Development Authority of India, Securities and Exchange Board of India, and National Payments Corporation of India.
CRED also maintains user data protection standards through ISO certifications and conducts regular audits to strengthen its security framework.
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