{"id":33687,"date":"2024-04-23T17:36:27","date_gmt":"2024-04-23T17:36:27","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/23\/payu-gets-in-principle-nod-from-rbi-to-be-payment-aggregator\/"},"modified":"2024-04-23T17:36:27","modified_gmt":"2024-04-23T17:36:27","slug":"payu-gets-in-principle-nod-from-rbi-to-be-payment-aggregator","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/23\/payu-gets-in-principle-nod-from-rbi-to-be-payment-aggregator\/","title":{"rendered":"PayU gets in-principle nod from RBI to be payment aggregator"},"content":{"rendered":"
\"PayU<\/div>


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Digital payments<\/a> major PayU<\/a> has received the in-principle approval<\/a> from the Reserve Bank of India to operate as a payment aggregator<\/a> (PA).
With this approval, PayU can start onboarding new merchants on its platform.<\/p>\n
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\u201cThis validation by RBI<\/a> fills us with joy as it paves the way for us to welcome new businesses onto our platform. This is also a testament to our relentless focus on compliance and corporate governance,\u201d Anirban Mukherjee, CEO, PayU said.<\/p>\n

\u201cThis license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India,\u201d he added.<\/p>\n

In 2022, the central bank had banned payment aggregators, including PayU, and restricted them from onboarding new merchants to its platform. <\/p>\n

In January 2023, ET reported<\/a> that the RBI had instructed PayU India to reapply for its payment aggregator (PA) license, citing the fintech firm\u2019s complex corporate structure as one of the reasons for the decision.<\/p>\n

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From being an early player offering online payments to internet companies in 2011, it faced formidable competition from emerging startups like Paytm<\/a> and Razorpay, encountered setbacks like the unsuccessful bid for Billdesk acquisition, and grappled with the merchant acquisition embargo imposed by the RBI.Despite these hurdles, PayU’s trajectory has shown notable growth on the business front. The company processed 800 million transactions in FY21, which surged to 1.4 billion in FY23, amounting to a settlement of $58 billion. Its revenue has increased 145% to Rs 3,910 crore in FY23 Rs 1,591 crore in FY21.<\/div>\n


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Digital payments major PayU has received the in-principle approval from the Reserve Bank of India to operate as a payment aggregator (PA).With this approval, PayU can start onboarding new merchants on its platform. Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website \u201cThis validation by RBI fills us with joy as it […]<\/p>\n","protected":false},"author":2,"featured_media":33688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[8676,10094,21962,29916,3057,8675,8673,665,37255,37254,2126],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/33687"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=33687"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/33687\/revisions"}],"predecessor-version":[{"id":33689,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/33687\/revisions\/33689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/33688"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=33687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=33687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=33687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}