PayU receives final approval from RBI for online payments in India

From Yahoo Finance: 2025-05-15 09:27:00

PayU, backed by Prosus, has received final approval from the Reserve Bank of India to operate as an online payment aggregator after a year of initial approval. The company is now focusing on building a resilient and compliant institution for merchants of all sizes.

The RBI has halted PayU from onboarding new merchants in 2022, requiring reapplication for the PA license in 2023. PayU underwent restructuring, selling its Global Payments Unit to Rapyd for $610m. Anirban Mukherjee has been appointed as the CEO of PayU India.

PayU’s revenue for the financial year 2024 was $444m, a growth of 11% from the previous year. The Indian market is a significant contributor to PayU’s revenue, accounting for 46% of the total. PayU also integrated Google Pay into its services in Colombia in December 2024.

PayU offers businesses a wide range of payment modes, including credit and debit cards, net banking, EMIs, BNPL, QR, UPI, and wallets. The company’s focus is on providing comprehensive payment solutions for businesses in India and Southeast Asia.

Read more: PayU gains final nod for online payment aggregation in India