Representational picture
| Photo Credit: The Hindu
PayU, a digital monetary providers supplier stated it had obtained in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA) below the Payment Settlements Act, 2007.
With this approval, PayU can begin onboarding new retailers on its platform,” the entity stated in an announcement.
Anirban Mukherjee, CEO, PayU, stated, “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 stated it has garnered ‘tremendous’ curiosity from companies throughout sectors and sizes to be part of its platform.