CRED, a fintech company based in India, has recently obtained a payment aggregator license from the Reserve Bank of India (RBI), broadening its service offerings.
This new license will allow CRED to formally integrate merchants and handle comprehensive end-to-end payment processes on their behalf.
With this approval, CRED can now register merchants, facilitate payments through various instruments, and manage settlements and refunds. Previously functioning as a members-only rewards platform focused on credit card bill payments, the recent endorsement marks a significant enhancement of CRED’s financial services scope into merchant infrastructure.
Background and Recent Developments
The RBI regulates payment aggregator licenses, necessitating explicit authorization for non-bank entities involved in facilitating online merchant payments. Over the past few years, several fintech companies have sought this designation as India’s digital payments landscape has grown.
Following a series of product expansions, CRED launched an early version of its eINR wallet in January 2025, working with the RBI. This wallet allows selected members to make payments to UPI-linked bank accounts and interact with other central bank digital currency (CBDC) wallets. Participants need to complete a video-based Know Your Customer (KYC) process and can load their wallets using UPI. The wallet supports transactions exceeding USD 5.77 without PIN authentication, with a daily transfer limit of USD 577.
During the launch of the eINR wallet, other major digital payments platforms like Google Pay, PhonePe, and Amazon Pay were also applying for inclusion in the RBI’s digital rupee scheme. Additionally, CRED’s primary service restricts membership to individuals with a credit score of 750 or above, targeting users with strong creditworthiness.
The company has recently expanded its services by partnering with used-car marketplaces like CARS24 and Spinny, enabling platform users to sell vehicles through CRED’s network.
This new payment aggregator license enables CRED to actively pursue merchant acquisition, introducing a supply-side aspect to its historically consumer-focused model.
