PayU receives RBI’s in-principle approval for payment aggregator role

Fintech firm PayU has received an in-principle approval from the Reserve Bank of India to operate as a payment aggregator, the company said on Wednesday. With in-principle approval in place, PayU can now on-board new merchants and provide them digital payment services.

This will allow PayU to begin on-boarding new merchants, offering them digital payment solutions.

In January 2023, the RBI had returned the fintech firm’s application to operate as a payment aggregator due to its complex corporate structure and directed it to reapply. Following this, PayU had to pause on-boarding new merchants for its online payment aggregation business.