PayU Payments Pvt Ltd has received the Reserve Bank of India's in-principle approval to operate as a payment aggregator and onboard new merchants onto its platform.

Banking & Finance

PayU Payments Pvt Ltd has received the Reserve Bank of India's in-principle approval to operate as a payment aggregator and onboard new merchants onto its platform. The firm, backed by Prosus, can now on-board new merchants and provide them digital payment services. 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. Last year 2023, the RBI returned the fintech firm’s application to operate as a payment aggregator due to its complex corporate structure and directed it to reapply. Following this, PayU had to pause on-boarding new merchants for its online payment aggregation business. Similar bans were imposed on Paytm, Razorpay and Cashfree.


     

     

     

 

     


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