The Reserve Bank of India (RBI) has officially authorized CRED to function as a Payment Aggregator (PA), a significant milestone for the fintech company. This endorsement empowers CRED to enlist merchants, conduct payments on their behalf, and oversee settlements and refunds across various payment methods.
The approval has been granted to Dreamplug Paytech Solutions Private Limited, the entity overseeing CRED’s payment operations. This green light now places the company’s payment system directly under the regulatory oversight of the RBI.
This final authorization arrives approximately two years after the initial in-principle approval granted by the RBI, signifying a crucial step in CRED’s operational scope.
Additionally, CRED and its affiliated entities currently possess a spectrum of regulatory licenses, including a Prepaid Payment Instrument (PPI) license from the RBI and a corporate agency license from the Insurance Regulatory and Development Authority of India.
In the fiscal year 2025, CRED facilitated payments amounting to over Rs 8.5 lakh crore for more than 1.5 crore users, solidifying its significant impact on India’s financial landscape. The company claims that a substantial portion of credit card bill payments in India are currently channeled through its platform.
Established by Kunal Shah, CRED offers users a comprehensive suite of financial management tools, including credit card payment management, credit score tracking, and financial activity monitoring across accounts.
Source: Entrackr : Latest Posts