PayU, backed by Prosus, receives in-principle RBI approval to operate as a payment aggregator in India.
Prosus-backed PayU has received in-principle approval from the Reserve Bank of India to operate as a payment aggregator, allowing it to onboard new merchants onto its platform. PayU's CEO, Anirban Mukherjee, said the license is crucial in its mission to build a world-leading digital payment infrastructure, rooted in India. The approval comes as the RBI tightens scrutiny of the payments sector, asking online payment firms to monitor transactions-related activities of merchants on their platforms and ensure they meet fresh guidelines.
April 23, 2024
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