PayU

• 25 Apr 2024

On April 2024, PayU obtained in-principle approval from the Reserve Bank to function as a payment aggregator, enabling the onboarding of new merchants for digital payment services.

• Earlier, applications were returned, requiring resubmission within 120 days.
• With approval, PayU can onboard new merchants for digital payment solutions.
• CEO Anirban Mukherjee highlights the significance for small merchants and financial inclusion.
• PayU aims to bolster India's digital payment infrastructure in line with Digital India initiatives.
• The approval aligns with RBI's progressive regulations to drive digitization and financial inclusivity.