India's RBI authorises CRED to operate as payment aggregator
Change
India's RBI granted final authorisation to Dreamplug Paytech Solutions Private Limited (CRED) to operate as a payment aggregator, enabling the firm to onboard merchants, collect payments across instruments, and manage settlements and refunds.
Why it matters
The authorisation brings CRED under direct RBI supervision and subjects its merchant onboarding, transaction handling, settlement and refund processes to regulator-issued compliance, risk-management, and reporting requirements. Those obligations create concrete operational and control obligations CRED must meet as it scales payment services.
Implications
- • Dreamplug Paytech Solutions Private Limited must implement and maintain RBI-compliant controls for merchant due diligence, transaction processing, settlement reconciliation, and refund handling.
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