With this approval, PayU can start onboarding new merchants on its platform.
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“This validation by RBI fills us with joy as it paves the way for us to welcome new businesses onto our platform. This is also a testament to our relentless focus on compliance and corporate governance,” Anirban Mukherjee, CEO, PayU said.
“This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India,” he added.
In 2022, the central bank had banned payment aggregators, including PayU, and restricted them from onboarding new merchants to its platform.
In January 2023, ET reported that the RBI had instructed PayU India to reapply for its payment aggregator (PA) license, citing the fintech firm’s complex corporate structure as one of the reasons for the decision.
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From being an early player offering online payments to internet companies in 2011, it faced formidable competition from emerging startups like Paytm and Razorpay, encountered setbacks like the unsuccessful bid for Billdesk acquisition, and grappled with the merchant acquisition embargo imposed by the RBI.Despite these hurdles, PayU’s trajectory has shown notable growth on the business front. The company processed 800 million transactions in FY21, which surged to 1.4 billion in FY23, amounting to a settlement of $58 billion. Its revenue has increased 145% to Rs 3,910 crore in FY23 Rs 1,591 crore in FY21.
