Fintech firm Cred receives in-principle approval from RBI to operate as a payment aggregator, expanding its financial services.
Becoming a payment aggregator allows Cred to manage and move customer funds to merchants, enhancing its offerings.
Cred, known for credit card bill payments, has ventured into e-commerce, vehicle management, travel, and wealth management.
With over 15 million users, Cred holds a 2.3% market share in UPI transactions, making it the fourth largest player in India.
Cred joins other fintech players like Razorpay, CC Avenue, and Cashfree in obtaining PA approval from RBI.
Cred will now work towards obtaining the final PA license, expected within 6-12 months, to solidify its position.
The PA approval signifies Cred's growing influence in India's financial landscape and its commitment to diversifying services.
With this development, Cred is poised to play a more significant role in the evolving fintech ecosystem and digital payments space.
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