PayU wins Payment Aggregator status from RBI

By Team Startupcity  |  Wednesday, 24 April 2024, 08:50 IST

PayU wins Payment Aggregator status from RBI
The digital payments platform PayU stated that the Reserve Bank of India (RBI) had granted it in-principle authorization to operate as a Payments Aggregator (PA) in accordance with the Payment Settlements Act of 2007. 
It stated that PayU can begin onboarding new merchants onto its platform with this approval.
 “We would like to thank the Reserve Bank of India (RBI) for granting PayU the in-principle approval to operate as a Payment Aggregator,” stated Anirban Mukherjee, CEO of PayU.
‘This validation by 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,
This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with 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”, he added.
PayU empowers half a million businesses, including India’s leading enterprises, e-commerce giants, and SMBs, by providing payment gateway solutions to online businesses. 
It empowers organizations to gather computerized instalments across 150+ web-based installment techniques, for example, creditcards, debit cards, netbanking, EMIs, pay-later, QR, UPI, wallets, and many more.

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