CRED

CRED has received the in-principle approval for payment aggregator license in a boost to the Indian fintech startup that could help it better serve its customers and launch new products and experiment with ideas faster. The RBI has granted in-principle approval for payment aggregator licenses to several companies, including Reliance Payment and Pine Labs, over the past year. Typically, the central bank takes nine months to a year to issue full approval following the in-principle approval. Without a license, fintech startups must rely on third-party payment processors to handle transactions, and these players may not prioritize such mandates. Obtaining a license allows fintech companies to process payments directly, reduce costs, gain greater control over payment flow, and onboard merchants directly.