PayU Secures RBI Authorization: Revolutionizing Payment Aggregation in India

PayU receives RBI approval to operate as a Payment Aggregator for online, offline, and cross-border transactions, enhancing its position as a leader in digital payments. This milestone reinforces their commitment to providing secure, innovative, and customer-focused payment solutions for businesses of all sizes across various channels.

PayU, India's foremost fintech platform, has achieved a significant milestone by securing integrated authorization from the Reserve Bank of India (RBI). This authorization permits PayU to function as a Payment Aggregator, covering online, offline, and cross-border (inward and outward) transactions. This development aligns with the Payment and Settlement Systems (PSS) Act, aiming to deliver secure and seamless payment solutions.

According to a PayU spokesperson, this approval reaffirms their dedication to fostering a resilient and innovation-driven payment ecosystem. It allows PayU to offer transparent and customer-centric solutions, ensuring seamless omni-channel experiences across various merchant channels.

The RBI's authorization solidifies PayU's standing as a comprehensive digital payments provider. PayU, backed by investor Prosus, supports over 4.5 lakh businesses, including leading enterprises and SMBs, offering over 100 online payment methods and best-in-industry success rates for e-commerce brands.

(With inputs from agencies.)