PayU Payments gets RBI’s approval to operate as payment aggregator; details here

  • The RBI's approval is ‘a testament to our relentless focus on compliance and corporate governance’, PayU CEO Anirban Mukherjee said in a statement.

Livemint
First Published23 Apr 2024
PayU, backed by Internet and media group Naspers has operations in 18 countries including Latin America, India, Central Eastern Europe, and Middle East and Africa
PayU, backed by Internet and media group Naspers has operations in 18 countries including Latin America, India, Central Eastern Europe, and Middle East and Africa

Prosus-backed PayU Payments said on Tuesday it had received the Reserve Bank of India's in-principle approval to operate as a payment aggregator and onboard new merchants onto its platform. 

The approval comes days after the RBI took steps to tighten scrutiny of the payments sector, asking online payment firms to monitor transactions-related activities of merchants on their platforms and ensure they meet fresh guidelines.

The RBI's approval is "a testament to our relentless focus on compliance and corporate governance", PayU CEO Anirban Mukherjee said in a statement.

PayU is a payment gateway that also offers services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay and Walmart-owned PhonePe.

PayU merchant partners can offer their customers the flexibility to decide the downpayment amount with Credit Card EMI, and even combine UPI with Credit Card EMIs for greater affordability and convenience. 

Also Read: PayU Payments appoints former HDFC chief Renu Sud Karnad as new Chairperson

Earlier this month, PayU had announced a partnership with the country's largest customer engagement & loyalty solutions provider, Loylty Rewardz. Through a module called Rewardz Hub, customers from over 20 bank and retail loyalty programs managed by Loylty Rewardz can now also earn & redeem reward points seamlessly on their online transactions processed by PayU.

PayU Payments: Company details

PayU is a payment gateway that also offers services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay and Walmart-owned PhonePe. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers through technology solutions. 

Also Read: PayU India CEO Anirban Mukherjee elevated to global CEO role

PayU provide payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has empowered five 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, pay-later, QR, UPI, Wallets, and more. 

It is 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.

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HomeIndustryBankingPayU Payments gets RBI’s approval to operate as payment aggregator; details here

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