PayU gets a semi-closed wallet licence from the RBI
PayU CEO Nitin Gupta said that the wallet licence will allow them greater user experience and would cut on some of the commercial expenses associated with getting a wallet licence from RBL Bank. He added that it is the company’s priority to shift their balances from the existing wallet on RBL Bank to their new wallet and customers will have the option to take out money into their accounts.
Gupta also said that the wallet will also have an offline presence and customers can pay for purchases on PayU’s POS terminal. “The POS terminals can accept wallet transactions. It’s just a matter of changing a line in the back end infrastructure,” he added.
PayU has more than 5,000 terminals in the country since its launch and is adding 1,350 terminals later this month. It has more than 10 million registered users in India and more than 175,000 online merchants.