PayU Money wallet to shut, company to focus on credit play

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PayU Money wallet is shutting down its operations by the end of this month

The PayU Money wallet is shutting down its operations by the end of this month. All those users who are using PayU Money have received the emails from the company informing the same. The company had stated that this digital wallet which is being issued by the RBL would b closing its operations on 31st January 2018.The firm has also restricted the money loading to the PayU Money wallet but still, the users can actually shop with their saved cards from their favourite brands. The spokesperson of the company clarified that it is only closing down its PayU Money wallet services but it will continue to operate the Citrus mobile wallet which has been acquired by the firm in the year 2016.Since it has now two wallets after the acquisition of the Citrus, the company stated that it wants to continue only with one wallet and it doesn’t make any sense running the two wallets at once.

All the merchant companies that offered the PayU Money Wallet will be substituted with the Citrus now

Well, the PayU Money Wallet was acquired by the Citrus in the year 2016, the company gave up the wallet license according to the Reserve Bank’s latest list of the entities that are holding the PPI (Prepaid payment instrument) licences. The company then transferred all its business to the PayU Money itself. All the merchant companies that offered the PayU Money Wallet will be substituted with the Citrus now.

The PayU money App has already notified the users that they can continue using website of the company for making their payments

All those users who have the balance remained in the PayU Money will have the provision to transfer the money back to their bank accounts and not to the Citrus. The PayU money App has already notified the users that they can continue using the website of the company for making their payments. The company clarified that all kinds of the withdrawals that will be made through the wallet will now be transferred to the bank account of the users.

The company has renamed its flagship product from PayUpaisa to PayU Money in the year 2014

Today this PayU money app has more than one billion of the downloads and it has competed with the premium mobile wallets like the Paytm and the Mobiwik.The company has renamed its flagship product from PayUpaisa to PayU Money in the year 2014.In the year 2016, the PayU which is owned by the South African Internet giant Naspers has bought the Citrus Pay which is its rival for around $ 130.The Citrus company has a highly successful payment gateway business and this entity is having more than 3 million of the users. Today more than 3.5 lakh of the medium as well as the small-sized businesses have been using this payment gateway solution for collecting their payments.

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