PayU's Wibmo building full payment gateway solutions

economictimes.indiatimes.com:

Wibmo, a provider of authentication services for online digital payments, is building a complete payment gateway solution.
By creating a prepaid issuance stack and a neo-banking solution for banks, Wibmo aims to support digital distribution capabilities of large banks and financial services firms.

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The company is emerging as a key offering for Naspers-backed PayU which is looking to venture deeper into business payments and enter newer markets.

From fetching about 94% of revenues from India around three years ago, Wibmo currently processes 36% of its revenues from overseas clients and the target is to boost this to 40% by this fiscal year-end.

“With regards to our payment gateway business which is around routing ecommerce transactions to payment aggregators, card schemes and networks, we have won very large contracts in India as well as a couple of new contracts outside India,” said Suresh Rajagopalan, chief executive officer, Wibmo.
The company, which was acquired by merchant payments major PayU in 2019, is working with top public and private sector banks.
Wibmo has also built a tokenisation solution to assist consumers checking out from ecommerce portals and enable banks in staying compliant with Reserve Bank of India’s