Cred gets final license from RBI to operate as payment aggregator

Fintech firm Cred receives RBI's final licence to operate as a payment aggregator, allowing it to onboard merchants and process payments across instruments

Fintech firm Cred received a final licence from the Reserve Bank of India (RBI) on Tuesday to become a payment aggregator, allowing the firm to onboard merchants, collect payments on their behalf across instruments, and handle settlement and refunds.

 

The Bengaluru-based fintech company has an online and physical payment aggregator licence along with a prepaid payment instrument (PPI) approval from the banking regulator.

 

“Stakeholder trust has been central to how we’ve built Cred from the get-go; we’ve operated with a high bar for performance, reliability, transparency, and governance from day zero. The authorisation to operate as a payment aggregator reflects the trust we’ve consistently built across the ecosystem and sets the foundation for the next chapter of enabling financial progress for India’s most creditworthy,” said Kunal Shah, founder, Cred.

 

 

The group holds a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI), a registered investment advisory licence from the Securities and Exchange Board of India (Sebi), and a third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI).

 

With Cred now authorised to directly manage core payment flows, members can expect a faster, more seamless, and reliable payment experience, the company said in a statement.

 

In FY25, the firm claims to manage payments of over Rs 8.5 trillion from more than 15 million users.

 

There are more than 50 licensed payment aggregators in India, data from the RBI shows.