Bengaluru-based fintech company CRED has obtained the final payment aggregator (PA) license from the Reserve Bank of India (RBI), a significant milestone in its operations. This license empowers CRED to onboard merchants, manage payments across various channels, and oversee settlement and refunds, enhancing the efficiency and reliability of its payment processes.
With a track record of handling payments worth over ₹8.5 Lakh Cr for 1.5 Cr creditworthy individuals, CRED’s authorization to operate as a payment system directly under RBI’s oversight signifies a new phase in its financial operations. The company has evolved from its initial focus on credit card bill payments to offering a comprehensive super app with diverse financial services, including lending, insurance, and investments.
CRED’s recent approval adds to its existing regulatory licenses, further solidifying its position in the market. The company continues to innovate and cater to the evolving needs of its users by expanding its services, such as introducing a co-branded credit card, enhanced personal finance management tools, and an exclusive membership program. The integration of UPI payments and the subsequent rise in transaction volumes demonstrate CRED’s commitment to staying at the forefront of digital payment solutions.
Source: Inc42 Media