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PayU gets RBI's in-principle approval to operate as online payment aggregator

PayU Payments Private Limited, a key player in India's digital financial services sector, backed by Prosus as an investor, manages businesses subject to regulation by the Reserve Bank of India. It provides sophisticated solutions to address the digital payment needs of the Indian market.

Edited By: Anurag Roushan @Candid_Tilaiyan New Delhi Updated on: April 24, 2024 17:28 IST
PayU gets RBI's in-principle approval to operate asonline payment aggregator
Image Source : FILE PayU India companies aim to create a full-stack digital financial services platform.

PayU, a prominent digital financial services provider in India, on Wednesday revealed that it has received in-principle authorisation from the Reserve Bank of India (RBI) for its online payments aggregation (PA) business. Anirban Mukherjee, CEO of PayU, expressed gratitude to the RBI for granting the in-principle approval.

Expressing his gratitude, Anirban Mukherjee, CEO, PayU, said, "We would like to thank Reserve Bank of India (RBI) for granting PayU the in-principle approval. We value the trust that RBI has placed in us and we are ready to welcome new businesses onto our platform." He further added, "This authorisation is pivotal in our mission to establish a globally renowned digital payment infrastructure that is rooted in India. In alignment with the government's Digital India initiative and the RBI's progressive regulations, we are dedicated to driving digitization and financial inclusion, particularly for small merchants."

PayU has garnered tremendous interest from businesses across sectors and sizes to join its platform. It is our mission to build a world-leading digital payment infrastructure that originates from India, for India and the world, accelerating its next growth phase.

About PayU Payments

PayU Payments Private Limited, one of India's leading digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (e-commerce brands, banks and consumers) through technology solutions.

PayU Payments provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has empowered 5 lakhs+ businesses, including India's leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, QR, UPI, Wallets, and more.

It's a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations across card-based EMIs, pay-later options and new-age cardless EMIs. PayU offers e-commerce brands best-in-industry success rates while ensuring a seamless checkout experience.

ALSO READ: PayU and PayPal partners for better cross-border payments 

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