Cred  to enter wallets space with HipBar acquisition

Bengaluru-based Cred, a credit card bill payments platform, is set to enter the wallet payments business by acquiring Chennai-based liquor delivery startup HipBar Pvt Ltd, which owns a prepaid payment instrument (PPI) licence. The PPI licence, granted by the RBI, permits companies to operate payments systems such as digital wallets, pre-paid transit cards and vouchers. HipBar was granted the licence in August 2016. Cred founder Kunal Shah and his brother Rohan Shah Naresh joined the HipBar board of directors on October 12.