fintech company Cred has received in-principle approval by the banking regulator Reserve Bank of India (RBI) for the payment aggregator (PA) business,
Meanwhile, CCAvenue, Innoviti Payments and MSwipe have received their final PA license recently.
Payment Aggregator business usually works as a third-party service provider bridge allowing users to make payment and businesses to accept payments online through various modes including UPI, debit & credit card, e-wallets, and many more.
Cred is a reward-based credit card payments app, which was founded by Kunal Shah in 2018. It also lets users to make house rent payments and also works as short-term credit provider.
Earlier, RBI had given in-principle approval to Reliance Payment and Pine Labs to work as payment aggregator business in the past one year. The in-principle approval license of RBI takes around nine months to one year.