Cred Receives In-Principle Nod for Payment Aggregator License

• Fintech platform Cred has been granted initial approval by the Reserve Bank of India (RBI) to operate as a payment aggregator.
• This move allows Cred to process payments for merchants directly, expanding its business beyond its core credit card bill payment service.
• Previously, Cred relied on partnerships with other payment companies to facilitate transactions on its platform, Cred Pay.
• The RBI's in-principle approval is a significant step, but Cred will need to meet final licensing requirements before full operation as a payment aggregator.
• This development comes amid a period of increased scrutiny from the RBI on fintech activities.