Digital payments company PayU 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.
With the authorisation, PayU can now start onboarding new merchants on its platform, it said.
“We would like to thank the Reserve Bank of India (RBI) for granting PayU the in-principle approval to operate as a payment aggregator. 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,” said PayU CEO Anirban Mukherjee.
“This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. 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.
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Last week, Kunal Shah-led fintech startup CRED secured the in-principal approval from RBI for a PA license.
Recently, many digital payment players were awarded PA licenses by the RBI, including ecommerce giant Amazon India’s digital payments arm Amazon Pay, Zomato, Infibeam Avenues, and Policybazaar parent PB Fintech.
PayU also recently announced that it had partnered with the National Payments Corporation of India to enable PayU merchants to accept digital payments through credit lines.
Edited by Kanishk Singh
