IANS | 23 Apr, 2024
Digital financial services provider PayU on Tuesday announced that it
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.
This approval will now allow PayU to onboard new merchants on its platform.
"This
license is pivotal in our mission to establish a globally renowned
digital payment infrastructure rooted in India," PayU CEO Anirban
Mukherjee said in a statement.
"Aligned with the government's
Digital India initiative and the RBI's forward-thinking regulations, we
are dedicated to driving digitisation and financial inclusion,
particularly for small merchants," he added.
Moreover, the company
said the RBI’s in-principle approval underpins PayU’s mission to build a
world-leading digital payment infrastructure that originates from
India, for India and the world, accelerating its next growth phase in
the country.
Earlier this month, PayU partnered with US-based
fintech company PayPal to enhance the cross-border payment experience
for Indian merchants.
PayU provides payment gateway solutions to
online businesses through its technology and has empowered more than
five lakh businesses, including India’s leading enterprises, e-commerce
giants and SMBs. It allows businesses to collect digital payments across
over 150 online payment methods such as credit cards, debit cards, net
banking, EMIs, BNPL, QR, UPI, wallets, and more.
