With this approval, PayU can begin onboarding new retailers on its platform.
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“This validation by RBI fills us with pleasure because it paves the best way for us to welcome new companies onto our platform. That is additionally a testomony to our relentless concentrate on compliance and company governance,” Anirban Mukherjee, CEO, PayU mentioned.
“This license is pivotal in our mission to ascertain a globally famend digital cost infrastructure rooted in India,” he added.
In 2022, the central financial institution had banned cost aggregators, together with PayU, and restricted them from onboarding new retailers to its platform.
In January 2023, ET reported that the RBI had instructed PayU India to reapply for its cost aggregator (PA) license, citing the fintech agency’s complicated company construction as one of many causes for the choice.
Uncover the tales of your curiosity
From being an early participant providing on-line funds to web firms in 2011, it confronted formidable competitors from rising startups like Paytm and Razorpay, encountered setbacks just like the unsuccessful bid for Billdesk acquisition, and grappled with the service provider acquisition embargo imposed by the RBI.Regardless of these hurdles, PayU’s trajectory has proven notable development on the enterprise entrance. The corporate processed 800 million transactions in FY21, which surged to 1.4 billion in FY23, amounting to a settlement of $58 billion. Its income has elevated 145% to Rs 3,910 crore in FY23 Rs 1,591 crore in FY21.
