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No PayUmoney after January 31, 2018! Transfer your money, now

The news of closing down the popular payment wallet comes after the Reserve Bank of India introduced new guidelines for the wallets

BS Web Team 

pay u money

Gurgaon-based payments major India is shutting down its mobile wallet — at the end of January 31, 2018, a company statement said.

When a user opens the mobile wallet, it redirects users to the page where the instructions are given on how to send the unused balance to bank accounts. Citrus wallet, India's another payment wallet will continue their operations, company said.

“We will be terminating PayUmoney’s wallet, which is in partnership with RBL Bank. As part of the consolidation of our business, instead of operating two wallets, we have plans to focus our synergies on Citrus wallet and drive higher customer efficacy towards it,” said Jitendra Gupta, Managing Director, India, in the press note, as reported by the VC Circle.

Naspers-backed India bought Mumbai-based rival Citrus Pay for $130 million in September 2016. The joint entity Citrus has 30 million users.

The of closing down the popular payment wallet comes after the Reserve Bank of India introduced new guidelines for the wallets.

The central bank set higher net worth requirements and made Know Your Customer (KYC) mandatory for users having up to Rs 10,000 in wallets, the Times of India reported.

has more than 3.5 lakh small- and medium-sized online businesses using their payment gateway solution to collect their payments.

Now, India will focus on its credit-based product LazyPay to gain more consumers and business.

First Published: Fri, January 05 2018. 14:51 IST
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