RBI grants PayU permission to function as a payments aggregator in principle

PayU, a supplier of digital financial services, stated on Tuesday that it has been granted permission by the Reserve Bank of India (RBI) to function as a Payments Aggregator (PA) in accordance with the Payment Settlements Act, 2007 in principle.

PayU may now enroll new merchants on its platform thanks to this permission.

Anirban Mukherjee, CEO of PayU, said in a statement, “This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India.”

“We are committed to advancing digitisation and financial inclusion, especially for small merchants, in line with the government’s Digital India program and the RBI’s progressive regulations,” he said.

Furthermore, the business said that the RBI’s in-principle clearance supports PayU’s objective to develop a globally recognized digital payment infrastructure that is based in India and serves both India and the globe, expediting the company’s next stage of expansion in that nation.

PayU and US-based fintech startup PayPal teamed earlier this month to improve Indian retailers’ cross-border payment experience.

Through its technology, PayU offers payment gateway solutions to online companies, empowering over five lakh firms, including SMBs, e-commerce behemoths, and India’s top organizations. It enables companies to receive digital payments from customers using more than 150 online payment options, including wallets, credit cards, debit cards, net banking, EMIs, BNPL, QR, and UPI.