RBI Grants Final Approval To PayU For Online Payment Aggregation

PayU, an online payment services platform in India, has announced that it has secured final authorisation from the Reserve Bank of India to function as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007.

"We are pleased to announce that PayU Payments Pvt. has received the final authorisation from the Reserve Bank of India to operate as an online Payment Aggregator under the Payment and Settlement Systems Act, 2007," a spokesperson from PayU told PTI.

PayU Payments, backed by investor Prosus, is a digital financial services provider in India. The company operates under the regulation of the Reserve Bank of India and offers advanced solutions tailored to the digital payment needs of the Indian market.

PayU Payments delivers payment gateway solutions to online businesses using its state-of-the-art and award-winning technology. The company has empowered over 5,00,000 businesses, including major enterprises, e-commerce giants, and small and medium-sized businesses.

PayU enables businesses to accept digital payments through more than 150 online payment methods, such as credit cards, debit cards, net banking, EMIs, QR codes, UPI, wallets, and more.

(With inputs from PTI).