PayU Secures RBI Nod as Payment Aggregator, Expanding Digital Payment Horizons

PayU, a fintech platform, received the Reserve Bank of India's approval to operate as a payment aggregator under the Payment and Settlement Systems Act. This authorization allows PayU to offer secure and compliant payment solutions across various channels, enhancing its position as a comprehensive digital payments provider.

PayU, a prominent player in the fintech industry, has obtained authorization from the Reserve Bank of India (RBI) to function as a payment aggregator. This development, announced on Tuesday, permits PayU to manage payment transactions across online, offline, and cross-border channels as outlined under the Payment and Settlement Systems (PSS) Act.

The granted approval empowers PayU to deliver secure, compliant, and streamlined payment acceptance, settlement, and cross-border services to merchants. This expansion in capabilities ensures that businesses partnering with PayU have access to reliable, seamless payment solutions, bolstering their operational efficiency.

With this new status, PayU fortifies its role as a comprehensive digital payments provider, offering merchants a dependable suite of payment options across various touchpoints. The company aims to continue supporting businesses with robust financial solutions in the dynamic fintech landscape.

(With inputs from agencies.)