PayU Receives RBI Approval as Online Payment Aggregator
Prosus-backed PayU has obtained final approval from the Reserve Bank of India (RBI) to function as an online payment aggregator. This achievement comes more than a year after the company initially received in-principle approval from the RBI.
Key Developments
- PayU joins a list of over 50 online payment aggregators, which includes key players such as:
- Cashfree Payments
- Razorpay
- CCAvenue
- BillDesk
- In April of the previous year, PayU received in-principle approval, enabling the onboarding of new merchants.
A PayU spokesperson expressed gratitude to the RBI for the trust placed in the company and the opportunity to contribute to India's dynamic payments ecosystem under the Payment and Settlement Systems Act, 2007.
Corporate Changes and Structure
- In January 2023, PayU was asked by the RBI to reapply for a payment aggregator licence due to its complex corporate structure.
- In August 2023, PayU sold part of its financial technology business to Israel’s Rapyd for $610 million, excluding operations in India, Turkey, and Southeast Asia.
Current Status
As of 2025, the RBI has issued final approval to nine companies, including PayU, to operate as online payment aggregators.
