Naspers owned Fintech Company PayU is looking to dominate the entire payments processes as it is in talks to acquire Bengaluru and Cupertino based Wibmo that specializes in processing online payments. The deal is reportedly expected to be $50 - $60 Million.
Wibmo offers its digital payment technology solutions and payment security in multiple countries including India. The company also offers 3D secure process of digital payments, which is the page where customers are asked to punch in their passwords or one-time passwords (OTPs) to authenticate digital transactions.
The company is certified by Mastercard, Visa, RuPay as well as PCI DSS and can therefore, process all forms of digital payments from cards to mobile based transactions. PayU is doubling down on emerging fintech markets, and India is possibly the biggest geography for them. The company will be reportedly committing substantial capital for investments and acquisitions, particularly to build its credit and SMB lending businesses.
PayU has earmarked more than $1 Bn to deploy in India, as it bulks up its portfolio here inorganically. PayU India has emerged as one of the largest players in the online payments space after acquiring Citrus Payments in 2016. Since then, PayU has invested in digital lending startups like Zest Money, PaySense and Remitly.
No comments:
Post a Comment