PayU gets RBI’s in- principle approval to operate as payment aggregator

Prosus-backed fintech PayU, on Tuesday, received an in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator.

The company said it can start onboarding new merchants on its platform with the in-principle approval.

“This licence is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with the government’s Digital India initiative and the RBI’s forward-thinking regulations, we are dedicated to driving digitisation and financial inclusion, particularly for small merchants,” said Anirban Mukherjee, chief executive officer (CEO), PayU.