Key Highlights:
- RBI Authorization Granted:
- PayU Payments Pvt. Ltd. has received final authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) under the Payment and Settlement Systems Act, 2007.
- Regulatory Compliance:
- PayU’s approval confirms its compliance with RBI’s stringent norms, including:
- Merchant due diligence
- Maintenance of escrow accounts
- Grievance redressal mechanisms
- Strong operational and governance structures
- PayU’s approval confirms its compliance with RBI’s stringent norms, including:
- Background:
- The RBI has mandated since 2020 that all digital payment intermediaries must be authorized to ensure security, transparency, and consumer protection.
Over 180 entities had applied; only a select few have been granted final licenses so far.
- The RBI has mandated since 2020 that all digital payment intermediaries must be authorized to ensure security, transparency, and consumer protection.
