wordpress blog stats
Connect with us

Hi, what are you looking for?

Update: PayU gets a semi-closed wallet licence from the RBI


Update: PayU CEO Nitin Gupta spoke to MediaNama and 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.

Earlier: Payment gateway aggregator PayU has got a semi-closed prepaid wallet licence from the Reserve Bank of India (RBI). Note that the company already has digital wallet in place called PayU Money which was issued by RBL Bank. Some of PayU Money’s clients include Myntra, MakeMyTrip, OYO Rooms, GoIbibo and BookMyShow.

Currently, the wallet allows users to send and receive money, pay electricity and gas bills among others, recharge mobile phones and DTH connections. It also allows users to make direct payments to merchants by entering a phone number, email or merchant ID.

Advertisement. Scroll to continue reading.

We have written to the company for comments on what their plans are with the new wallet licence and will update once we hear from them.

Recent players who got a wallet licence: Despite many saying that wallets’ business would be hurt after the implementation of the unified payments interface (UPI), there seems to be a rush to obtain a wallet licence.

Last month, Chennai-based Yeldi Softcom got a semi-closed wallet licence from the RBI. Yeldi is a payment services company that uses NFC technology to deliver its services. Other players who got a wallet licence from the RBI last year include Eko India Financial Services, Card Pro Solutions and Paul Fincap Private Limited.

Around the same time, telecom operator Aircel through its subsidiary, Aircel Smart Money Limited, secured  five-year prepaid mobile wallet license from the RBI enabling them to provide mobile wallet services to its subscribers, s reported by the Economic Times.

In September 2015, mobile VAS and Internet products company Spice Digital launched a mobile wallet called SpiceMudra which would focus on domestic remittances.

Interestingly, Eko has partnered with RBL Bank for the launch of its wallet services.

Advertisement. Scroll to continue reading.

PayU POS Terminal: In June, PayU launched its POS terminal in a bid to acquire more offline merchants.  Note that PayU Biz’s head of business Rahul Kothari said that the company would also be looking at payment through a wallet or an OTP. Perhaps the wallet licence will help.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.


In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...


By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...


By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...


By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ