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PayU to acquire BillDesk for USD 4.7 billion

Wednesday 1 September 2021 15:15 CET | News

PayU, a Netherlands-based payment service provider, has announced the acquisition of payment gateway BillDesk to expand its footprint in India.

The deal, pending regulatory clearances from the Competition Commission of India (CCI) as well as a provisional nod from the Reserve Bank of India (RBI), will mark the consolidation at a time when more Indians are using online modes of payment triggered by the ongoing pandemic.

BillDesk handles 50-60 per cent of billing transactions in India, according to industry estimates. After the acquisition, the combined entity of BillDesk and PayU will emerge as an online payment provider both globally and locally with an annual total payment volume (TPV) of USD 147 billion.

Its closest rivals in India such as Razorpay and CCAvenue, which is owned by Infibeam, are estimated to have an annual TPV of over USD 50 billion and USD 18-20 billion, respectively, according to industry sources cited by Economic Times India.


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Keywords: mobile payments, acquisition, payment gateway, payment processing
Categories: Payments & Commerce
Companies:
Countries: Netherlands
This article is part of category

Payments & Commerce