2024-04-24 By Surbhi Chauhan General

"PayU Receives RBI's In-Principle Approval as Payment Aggregator, Set to Onboard New Merchants"

PayU, a prominent player in India's digital financial services sector, has proudly announced that it has secured in-principle authorization from the Reserve Bank of India (RBI) to function as a Payments Aggregator (PA) under the Payment Settlements Act, 2007. This significant milestone enables PayU to initiate the process of onboarding new merchants onto its platform.

Anirban Mukherjee, CEO of PayU, expressed his excitement, stating, “We are grateful to the Reserve Bank of India (RBI) for granting PayU the in-principle approval to operate as a Payment Aggregator. This endorsement from RBI fills us with optimism as it allows us to extend our platform to accommodate new businesses. It also reaffirms our unwavering commitment to regulatory compliance and corporate governance.”

Mukherjee emphasized the importance of this license in PayU's broader mission to establish a world-class digital payment ecosystem with its roots in India. He remarked, "This milestone aligns perfectly with the government's Digital India initiative and the RBI's progressive regulations. We remain steadfast in our dedication to catalyze digitization and foster financial inclusion, particularly for small-scale merchants."

The announcement has generated key interest from businesses across various industries and scales, eager to leverage PayU's platform. The RBI's in-principle approval underscores PayU's vision of creating a leading-edge digital payment infrastructure originating from India, serving both domestic & international markets. This development marks a crucial step forward in PayU's growth course within the Indian market.