The Reserve Bank of India (RBI) has requested that PayU reapply for its payment aggregator (PA) licence.
For the time being, the fintech unicorn is no longer accepting new merchants. “We are currently not accepting new applications,” says PayU’s merchant onboarding page. Our sales team will contact you shortly.” According to ET, one of the reasons for the RBI’s request to reapply was the fintech unicorn’s complex corporate structure. PayU now has four months to rework and reapply for the PA licence with the RBI. “We will work with them over the next 120 days to address some issues and resubmit our application. One of the most important aspects is to simplify our corporate structure. “We are already making good progress with some suggested solutions,” a PayU spokesperson was quoted as saying.
