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PayU bags RBI’s In-Principle Approval to operate as a Payments Aggregator

By Gloria Mathias

April 24, 2024

  • APAC news
  • E - Commerce
  • Financial Inclusion
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PayU, Online Payments, e-commerce, Financial Inclusion, PCI Compliance, Risk Management, Transaction Risk, Central America, RBI, Reserve Bank of India, India News, APAC News, Payments Aggregator, PayU, one of India’s digital financial services provider, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA) under the Payment Settlements Act, 2007. With this approval, PayU can start onboarding new merchants on its platform.

Anirban Mukherjee, CEO, PayU, said, “We would like to thank the Reserve Bank of India (RBI) for granting PayU the in-principle approval to operate as a Payment Aggregator. This validation by the RBI fills us with joy as it paves the way for us to welcome new businesses onto our platform. This is also a testament to our relentless focus on compliance and corporate governance.”

He further added, “This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with the government’s Digital India initiative and the RBI’s forward-thinking 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. The RBI’s in-principle approval underpins the company’s mission to build a digital payment infrastructure that originates from India, for India and the world, accelerating its next growth phase in India.

PayU Payments Private Limited, one of India’s digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offer 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.

 

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