India's RBI authorises CRED to operate as payment aggregator
Payment operations are conducted under direct Reserve Bank of India supervision and are defined to include merchant onboarding, payment collection across instruments, settlements, and refunds.
Change
India's RBI authorised Dreamplug Paytech Solutions Private Limited (CRED) to operate as a payment aggregator, enabling the firm to onboard merchants, collect payments across payment instruments, and perform settlements and refunds.
Why it matters
Entities that route transactions through CRED will now operate inside India’s supervised payment-system framework, which imposes defined settlement, refund and dispute-resolution protocols plus regulatory reporting. Businesses and partner banks must therefore adjust operational and compliance processes to meet those supervised-payment obligations.
Implications
- — Merchants that sign CRED as their payment aggregator must update contracts, integration endpoints, and reconciliation workflows to accept CRED-managed settlements and refunds — otherwise they risk payment-processing and settlement delays.
- — Merchant acquirer banks' settlement desks must incorporate CRED's settlement schedules and reporting formats into reconciliation processes to avoid mismatches and delayed fund flows.
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