PayU, a major player in India’s fintech landscape, has announced that it has received integrated authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator. This approval applies to a broad range of transactions, including online, offline (physical), and cross-border transactions, covering both inward and outward payments under the Payment and Settlement Systems (PSS) Act. With this authorization, PayU is well-equipped to provide its merchants with secure, compliant, and streamlined payment acceptance, settlement, and cross-border solutions across various channels.
A spokesperson for PayU expressed gratitude for the RBI’s continued trust, stating, “We are honored to receive the Reserve Bank of India’s continued trust and authorization to operate as a Cross-Border (Both Inward & Outward) Payment Aggregator, in addition to online and offline PA. This milestone reinforces our commitment to building a resilient and innovation-driven payments ecosystem, enabling us to offer secure, transparent, and customer-first payment solutions, including seamless omni-channel experiences for merchants of all sizes.”
This recent development significantly bolsters PayU’s role as a comprehensive digital payments provider, empowering businesses with dependable and seamless payment experiences whether they operate online, offline, or in cross-border contexts. It highlights the company’s dedication to enhancing payment solutions for merchants, ultimately contributing to the growth of a robust and innovative payments landscape in India.