PayU, one of the leading digital payment service providers in India, has received the Payment Aggregator (PA) licence from the Reserve Bank of India (RBI), sources told ETBFSI.
“We would like to thank the 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,” Anirban Mukherjee, CEO, PayU, told ETBFSI while confirming the news.
Earlier, the central bank had banned payment aggregators including PayU and since then the company was waiting for RBI to grant it a PA licence and start onboarding new customers.
PayU Payments Private Ltd is a leading company in India with Prosus as an investor. The company operates in various businesses that are regulated by the central bank and offers advanced solutions to meet the digital payment requirements of the Indian market.
PayU India, which offers payment gateway solutions to online businesses through various tech solutions, has more than 5 lakh businesses associated with it.