Wallet Licence of Citrus acquired by PayU Has Been Cancelled

According to the latest list of entities that holds Prepaid Payment Instruments (PPI) licences propelled by Reserve Bank Of India, Citrus Payment solution gave up its wallet licence. The Mumbai-based fintech startup was owned by PayU, Naspers-owned global payments player in previous year.

Citrus Payment solution’s Customers will move to PayU

Amrish Rau, cofounder of the company and the CEO of the PayU India said that its customers will migrate towards PayU money wallet. However, only 1% of the 3 million transactions per day are done via PayU Money.

License of Citrus has been cancelled

As per the current regulator’s list of payment system operators, License of Citrus Payment Solution has been cancelled on 19th April.

Rau said that, “We had to do it (surrender the licence) since Citrus and PayU both had one. We have seamlessly migrated the Citrus consumers under the PayU licence”.

RBI manages payment instruments

RBI is setting down rules for prepaid payment instruments, which is probably going to push them to execute full know your-client standards and higher security factors.

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