PayU gets final RBI approval to operate as online payment aggregator

Prosus-backed PayU has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, over a year after securing an in-principle nod from the banking regulator.

The fintech firm joins a list of over 50 online payment aggregators, which includes players such as Cashfree Payments, Razorpay, CCAvenue, BillDesk, among others.

In April last year, the RBI had issued in-principle approval to the Mumbai-based company, enabling it to begin onboarding new merchants onto its platform.