Prosus-backed PayU gets India cenbank nod to operate as payment aggregator - Times of India

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BENGALURU: Prosus-backed

PayU

Payments said on Tuesday it had received the Reserve Bank of India's in-principle

approval

to operate as a

payment aggregator

and onboard new merchants onto its platform.

The approval comes days after the

RBI

took steps to tighten scrutiny of the payments sector, asking online payment firms to monitor transactions-related activities of merchants on their platforms and ensure they meet fresh guidelines.

The RBI's approval is "a testament to our relentless focus on compliance and corporate governance", PayU CEO Anirban Mukherjee said in a statement.

PayU is a payment gateway that also offers services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay and Walmart-owned PhonePe.