RBI approves PayU Payments' ability to function as a payment aggregator; see details here

Prosus-backed PayU Payments has announced that it has received an in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator and onboard new merchants onto its platform. This development comes in the wake of recent steps taken by the RBI to tighten scrutiny of the payments sector, emphasizing the need for online payment firms to monitor transactions-related activities of merchants on their platforms and ensure compliance with fresh guidelines.

Anirban Mukherjee, CEO of PayU, expressed his satisfaction with the RBI's approval, stating that it reflects the company's unwavering commitment to compliance and corporate governance. PayU, a payment gateway, offers a range of services including buy-now-pay-later, and competes with other players such as Razorpay and PhonePe.

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One notable feature of PayU's platform is the flexibility it provides to merchant partners and customers. Through features like Credit Card EMI and the ability to combine UPI with Credit Card EMIs, PayU aims to enhance affordability and convenience for users. Additionally, PayU recently announced a partnership with Loylty Rewardz, enabling customers from various loyalty programs to seamlessly earn and redeem reward points on online transactions processed by PayU.

PayU's mission is to create a comprehensive digital financial services platform to cater to the diverse financial needs of customers. The company provides payment gateway solutions to online businesses through cutting-edge technology, serving a wide range of enterprises, e-commerce giants, and SMBs. With a focus on offering maximum coverage of payment methods and seamless integrations, PayU aims to ensure high success rates and a smooth checkout experience for e-commerce brands.

As PayU continues to expand its presence and offerings in the digital payments landscape, its approval from the RBI signals a significant milestone in its journey towards providing innovative and secure payment solutions to businesses and consumers alike.

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