RuPay's revenue setback; PayU bets on Mindgate

RuPay, India's domestic card network, is experiencing revenue challenges due to increasing competition and a shift towards digital payment platforms. In contrast, PayU, a Prosus-backed fintech firm, has acquired a 43.5% stake in Mumbai-based Mindgate Solutions, a leader in real-time payment processing, including UPI transactions. This strategic investment aims to enhance PayU's presence in the digital payments sector, leveraging Mindgate's expertise to offer improved payment solutions for banks and merchants. Mindgate processes over 8 billion transactions monthly and operates in regions such as MENA, Southeast Asia, Europe, and the US. 

 

Source: Inc 42, Entrackr