Fintech giant PayU has achieved a significant milestone with an in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, the company announced on Wednesday.
In a move that underscores its commitment to India’s digital transformation, PayU’s parent company, the Prosus Group, had initially submitted its application to the RBI in January 2023. However, the RBI requested the firm to resubmit the application within 120 days.
With the in-principle approval now secured, PayU is poised to onboard new merchants and provide them with seamless digital payment services, furthering the nation’s digital economy agenda.
Anirban Mukherjee, the CEO of PayU, expressed the significance of this milestone, stating, “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 digitization and financial inclusion, particularly for small merchants.”
The approval to operate as a payment aggregator positions PayU as a key player in facilitating secure and efficient digital transactions. This development comes at a crucial time when the adoption of digital payments is rapidly growing in India, fueled by the government’s initiatives and changing consumer preferences.
As a fintech leader, PayU has been at the forefront of innovation, offering a wide array of payment solutions tailored to meet the diverse needs of businesses and consumers alike. With the RBI’s nod, the company can now expand its reach and support more merchants in embracing the digital economy.
The approval also reflects the confidence of regulatory authorities in PayU’s robust infrastructure and adherence to compliance standards. By complying with RBI’s regulations, PayU aims to contribute to the growth of India’s digital payments ecosystem while ensuring the highest standards of security and reliability.
Moreover, this development underscores the Prosus Group’s commitment to India’s fintech landscape and its potential for growth. With PayU’s enhanced capabilities as a payment aggregator, the company is well-positioned to drive financial inclusion by empowering small merchants and businesses across the country.
In line with the government’s vision of Digital India, PayU’s digital payment infrastructure will play a pivotal role in accelerating financial inclusion and bridging the gap between urban and rural economies. By enabling easier access to digital payment services, PayU aims to empower businesses of all sizes, catalyzing economic growth and development.
In conclusion, PayU’s receipt of the RBI’s in-principle approval as a payment aggregator marks a significant step forward in India’s journey towards a cashless economy. With its commitment to innovation, compliance, and financial inclusion, PayU is poised to reshape the landscape of digital payments in the country, driving economic progress and empowerment for all.
