PayU

PayU Payments, the Indian fintech arm of Dutch multinational Prosus, has appointed five new members to its board of directors as it looks to strengthen its corporate governance and risk management practices.PayU has appointed Renu Sud Karnad, president of International Union of Housing Finance (IUHF) and former managing director of Housing Development Finance Corporation (HDFC), as chairperson and independent director to its board, the payments company said on Wednesday.Elevate Your Tech Prowess with High-Value Skill…

Going beyond ecommerce payments and consumer credit, Naspers-backed PayU is in the process of setting up business-to-business payment rails for its Indian clients. Additionally, the company is evaluating opportunities in the supply chain financing space.“B2B payments is something that we are thinking very hard about … the idea is to expand into vendor payments and (look at) the different ways in which we can manage the suppliers of these anchor merchants, solve their reconciliation problems,” said Vijay Agicha, PayU’s…

The Insurance Regulatory and Development Authority of India (IRDAI) has granted new-age insurer Acko a licence to operate a life insurance business. The insurance regulator also gave a nod to microfinance company Credit Access to commence a life insurance business, as per a note from the regulator.The last company to have received a licence for life insurance was Edelweiss in 2011.Acko, which is backed by the likes of General Atlantic and Canada Pension Plan Investment Board (CPPIB), is close to raising a fresh funding…

Payment aggregators such as CCAvenue and Pine Labs' Plural have seen an increase in onboarding of new users and gained more online merchants after top payment gateways like Razorpay, Cashfree Payments, PayU and Paytm paused new sign-ups following regulator's order and rejection of payment aggregator (PA) licence applications by the Reserve Bank of India (RBI) in some cases, at least half a dozen executives told ET. Indian banks that have their white-label payment processing offerings have also seen a rise in merchant…

Image Source : PAYU WEBSITE PayU PayU, an online payments solutions provider has reportedly laid off almost 150 employees from the company. Less than 6 per cent of its total workforce has been laid off by the firm as a part of an "organisational realignment", said the company. The layoffs came up as PayU witnessed a successful year and its revenues have gone up by 38…

India’s fintech startups have had a torrid 2022 as regulatory changes have coincided with a prolonged funding winter. Far from bringing respite, next year is expected to be even worse for these companies, various founders and investors have told us.Also in this letter:■ PayU India sacks 150 employees, about 6% of workforce■ Taxman seeks info from foreign online gaming firms■ Threat of ‘hacktivism’ set to rise in 2023, experts sayIndian fintechs gear up for a tumultuous 2023 The operating environment is expected to get…

PayU India, the payments and fintech business of Prosus, has fired 150 people, which is approximately 6% of its workforce, as the firm realigns teams locally, ET has learnt. Prosus, the investment arm of South African multinational Naspers, is among the largest backers of Indian new-age internet companies including Swiggy, Byju’s, Meesho, among many others. A person aware of the matter said the layoffs are spread across various teams and mainly impacted PayU India’s unit, Wibmo, a digital payment security and mobile…

Technology investor Prosus NV has "terminated" a $4.7 billion (roughly Rs. 34,380 crores) deal to buy payments platform BillDesk, it said on Monday, adding that conditions had not been met.Prosus announced plans to buy BillDesk in August 2021, saying it would complement its PayU business and strengthen its presence in India, one of Prosus's largest markets.In a detailed statement, Prosus mentioned that the transaction deal was subject to the fulfilment of various conditions precedent, which also included approval by the…

Paytm has reportedly denied anything new being investigated in the recent search by the Enforcement Directorate (ED) at the company's premises on Wednesday. As per a report, a Paytm spokesperson clarified that the federal agency has only sought information linked to the ongoing probes on certain merchants in recent search operation. It was reported earlier in the day that ED has conducted searches on certain premises of One 97 Communications's Paytm and payment solutions provider PayU. The federal agency also investigated…

Paytm has reportedly denied anything new being investigated in the recent search by the Enforcement Directorate (ED) at the company's premises on Wednesday. As per a report, a Paytm spokesperson clarified that the federal agency has only sought information linked to the ongoing probes on certain merchants in recent search operation. It was reported earlier in the day that ED has conducted searches on certain premises of One 97 Communications's Paytm and payment solutions provider PayU. The federal agency also investigated…