Payu Acquires Digital Payments Company Wibmo
2019-04-19 15:34 Friday
PayU, an online payment service provider and Naspers' fintech arm, have announced the acquisition of Wibmo, a CA-based industry leader in digital payment security and mobile payment technologies.
This acquisition aims to combine the merchant network and Wibmo's digital payment security solutions to offer industry-leading payments solutions to merchants and financial institutions in India and other high growth markets.
Wibmo, an innovative digital payment company, partners with banks in over 20 countries to offer payment authentication and risk-based decisioning across billions of online and mobile payment transactions.
"India is a priority market for PayU and we are committed to making digital payments frictionless through our innovative products and services, supporting the Government's vision of a digital India." says Aakash Moondhra, CFO of PayU Global.
"We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions." He added.
Govind Setlur, founder and CEO, Wibmo said: "PayU has evolved within the complex payments landscape to become India's biggest online payments processor, serving more than 350,000 merchants. We are excited to embark on this next chapter of Wibmo's growth with PayU. By combining our track record and expertise in payment security and mobile payments with PayU's strong merchant network, the combined entity will be focused on delivering more secure and seamless payments experience to its customers."
This acquisition will also help PayU use big data to power credit on various online and offline merchants. PayU also aims to leverage Wibmo's mobile payments platform for banks.