Facts for Prelims (FFP)
Source: TH
Context: PayU, a digital financial services provider, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA) under the Payment Settlements Act, 2007.
- With this approval, PayU can onboard new merchants on its platform.
A payment aggregator is a third-party service that allows customers to make payments and businesses to accept payments online.
Payment aggregators allow businesses to accept a variety of payment methods, including:
Debit cards, Credit cards, Cardless EMIs, UPI, Bank transfers, E-wallets, and E-mandates.
