GlobalData
1 min read
Prosus backed payments company PayU has received the final clearance from the Reserve Bank of India (RBI) to function as an online payment aggregator (PA), reported The Economic Times.
This development follows more than a year after the company received in-principle approval from the banking regulator.
“As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes,” a PayU spokesperson said.
The Indian central bank ordered the firm to stop onboarding new merchants in 2022 and asked to reapply for the PA licence in 2023, as reported by ET.
The company underwent a restructuring, which included the sale of its Global Payments Unit to Rapyd for $610m.
Subsequently, PayU consolidated its operations in India and Southeast Asia, appointing Anirban Mukherjee as the CEO of PayU India.
PayU's business extends beyond payment processing, encompassing credit services and investments in emerging companies.
For the financial year 2024, PayU reported a revenue of $444m, up 11% from $399m in the prior year.
The Indian market has been a key contributor to PayU's revenue, accounting for 46% of the total and 60% of the company's payment volume.
Additionally, PayU became the first payment gateway in Colombia to integrate Google Pay into its services in December 2024.
PayU allows businesses to make online & offline payments across more than 150 payment modes such as credit and debit cards, net banking, EMIs, BNPL, QR, UPI and wallets.
"PayU gains final nod for online payment aggregation in India " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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