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The Weekly Wrap: all you need to know by Friday COB | April 26th

By Puja Sharma

April 26, 2024

  • BHIM UPI
  • Deals of the Week
  • Digitalisation
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The Weekly WrapThe Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

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.

Deals of the week

  • Conversational AI InsurTech PeppercornAI raises £3.25m
  • BharatPe launches BharatPe One, an all-in-one payment device
  • Flutterwave & Acquired.com partner for card payments on Send App
  • Standard Chartered launches new Open Banking Marketplace
  • Razorpay launches UPI Switch in partnership with Airtel Payments Bank
  • Visa joins AWS Partner Network to simplify global digital payments
  • Paytm enhances Soundboxes for UPI and Credit Card on UPI payments
  • National Bank of Iraq goes live with Temenos core banking and payments
  • Egyptian FinTech bokra raises $4.6m pre-seed round

Be on the lookout for

Mark your calendars for May 21st, when the Cedar-IBSi Digital Banking & AI Summit will take place in Kuwait. Join us for engaging discussions, valuable insights, and networking opportunities with industry leaders from the National Bank of Kuwait, Swift, and more. It’s a date you won’t want to miss in exploring the future of digital banking and AI innovation.

 

 

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