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PayU, a digital financial services provider said it had received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA) under the Payment Settlements Act, 2007.
With this approval, PayU can start onboarding new merchants on its platform,” the entity said in a statement.
Anirban Mukherjee, CEO, PayU, said, “This (the approval) is a testament to our relentless focus on compliance and corporate governance. This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India.
“Aligned with government’s Digital India initiative and the RBI’s forward-thinking regulations, we are dedicated to driving digitisation and financial inclusion, particularly for small merchants,” he added. PayU said it has garnered ‘tremendous’ interest from businesses across sectors and sizes to join its platform.
