In exciting news from the country’s fintech market, the Reserve Bank of India has authorized PayU, one of India’s leading digital financial services providers, to its online payments aggregation (PA) business.
PayU has garnered tremendous interest from businesses across sectors and sizes to join its platform. It is our mission to build a world-leading digital payment infrastructure that originates from India, for India and the world, accelerating its next growth phase.
Expressing his gratitude, Anirban Mukherjee, CEO, PayU, said, “We would like to thank Reserve Bank of India (RBI) for granting PayU the in-principle approval. We value the trust that RBI has placed in us and we are ready to welcome new businesses onto our platform.”
He further added, “This authorisation is pivotal in our mission to establish a globally renowned digital payment infrastructure that is rooted in India. In alignment with government’s Digital India initiative and the RBI’s progressive regulations, we are dedicated to driving digitization and financial inclusion, particularly for small merchants.”
India is racing ahead as one of the speediest growing Fintech markets globally. In 2021, the Indian FinTech industry was valued at $50 billion, and experts predict it’ll skyrocket to around $150 billion by 2025.
Looking ahead, by 2025, the Total Addressable Market for India’s Fintech industry could reach a whopping $1.3 trillion. And when we peek even further into the future, by 2030, Assets Under Management and Revenue in this sector could hit $1 trillion and $200 billion, respectively.
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