Fintech firm CRED has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregation (PA) business.

Banking & Finance

Fintech firm CRED has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregation (PA) business. Once it gets the final approval, the Peak XV-backed Bengaluru-based startup, which primarily runs a credit card bill payment platform for creditworthy customers, can double down on the merchant payments business too, joining the ranks of Razorpay and Cashfree. As an online payment aggregator CRED can offer merchant payments to any online seller.


      It usually takes about six months after the in-principle nod for a company to get the final approval from the RBI.

      CCAvenue, Innoviti Payments and MSwipe are also among the payment companies which received their final PA licence recently.

     

 

     


          ____________________________