Fintech platform CRED has received the final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator, marking a significant milestone in the company’s journey to expand its digital payments ecosystem in India.
Key Highlights
- CRED receives RBI's final authorization to operate as a payment aggregator in India, enabling direct merchant onboarding.
- CRED processed nearly ₹8.5 trillion in payments during FY25, serving around 15 million members.
The licence allows CRED to directly onboard merchants, process customer payments through multiple instruments, and manage settlement and refund processes on behalf of businesses. With this approval, the Bengaluru-based fintech firm will operate its own payment infrastructure under the regulator’s supervision, strengthening its presence in India’s rapidly growing digital payments market.
Payment aggregators act as intermediaries between customers and merchants, enabling businesses to accept payments through cards, net banking, UPI, and other digital modes without requiring separate merchant accounts with banks. Such entities must obtain regulatory authorization under the Payment and Settlement Systems Act to operate legally in India’s payments ecosystem.
Commenting on the development, Kunal Shah, Founder of CRED said, "The approval reflects the company’s commitment to governance and operational reliability. Stakeholder trust has been central to how we’ve built CRED,” adding that the authorization lays the foundation for the next phase of financial innovation for the platform’s user base.
Also Read: Paytm Receives Final RBI Approval to Operate as Payment Aggregator
The approval further strengthens CRED’s regulatory portfolio. The company already holds a Prepaid Payment Instrument (PPI) licence and group entities possess licences from regulators such as Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, and National Payments Corporation of India.
CRED, which primarily serves credit-card users with rewards and financial management tools, facilitated payments worth nearly ₹8.5 trillion during FY25 for its growing user base of around 15 million members, highlighting the scale of its platform in India’s fintech landscape.
Industry observers say the licence positions CRED alongside major payment aggregators such as Paytm, PhonePe, and Razorpay, enabling the company to deepen merchant partnerships and broaden its suite of financial services.
