NewsVoir
New Delhi [India], March 21: PayU, the payments and fintech business of Prosus, has acquired a strategic stake in Mindgate Solutions, a pioneer in real time payments technology. This partnership reinforces PayU's commitment to expanding its presence in India's real-time payments sector while leveraging Mindgate's expertise to drive digital payment innovations globally. As a part of this deal, PayU will acquire a 43.5% stake in Mindgate, while the majority ownership will remain with the company's founders.
This investment in Mindgate enables PayU to actively contribute to the ongoing revolution in India's digital payment landscape, driven by instant payment systems like UPI, developed by the National Payments Corporation of India (NPCI). As NPCI continues to expand UPI both domestically and globally, with a vision to process 100 billion transactions per month in India by 2030, Mindgate plays a vital role by providing the end-to-end real-time payment infrastructure stack and expertise for several leading banks in India. PayU remains focused on driving the next generation of real-time payment innovations and accelerating the global adoption of 'Made in India' systems. As person-to-merchant (P2M) transactions increasingly dominate the payments landscape and constituting nearly 60% of all UPI transactions in India, this partnership will enable banks and merchants to meet the evolving needs of consumers through enhanced payment options, higher operational efficiency, and increased revenue opportunities.
Anirban Mukherjee, CEO, PayU said "Through this investment, we are reinforcing our commitment to scaling 'Made in India' payment technologies for the global stage. Mindgate's expertise in real-time payments complements our mission to drive the next generation of digital payment innovations. Together, we will enhance the infrastructure that supports seamless financial transactions, delivering exceptional value to banks, merchants, and consumers worldwide. This investment is also consistent with our efforts to support the Indian Fintech ecosystem by investing in promising founders and helping them build world class platforms."
"Our partnership with PayU is a significant milestone in Mindgate's global expansion journey, combining our proven expertise in real-time digital payments with PayU's extensive market reach. With a strong foundation in powering high-volume transactions and enabling seamless UPI experience, Mindgate is well-positioned to drive the next wave of innovation in digital payments. This collaboration will enhance secure, scalable payment solutions for banks, businesses, and merchants, strengthening our role as a leading player in the evolving global payments landscape," said George Sam, Co-founder & Business Head, Mindgate Solutions.
"We are thrilled to join hands with PayU, whose global expertise and commitment to innovation align perfectly with our vision. This collaboration is a testament to the transformative work we've done and the exciting future ahead," added Guhan Muthuswamy, Co-founder & Software Architect, Mindgate Solutions.
Mindgate has been a pivotal force in India's digital payments revolution, processing over 8 billion transactions monthly and providing seamless payment solutions for leading banks. With a growing presence in MENA, ASEAN, Europe, and the US, Mindgate's expertise will complement PayU's extensive international network through Wibmo its Paytech business Wibmo, accelerating global adoption of real-time payment technologies. This strategic collaboration will empower banks, businesses, and merchants with innovative, scalable, and secure payment solutions, ensuring a seamless transaction experience for users across global markets.
PayU is the payments and fintech business of Prosus, a global consumer internet group and one of the largest technology investors in the world. In India, PayU operations are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of consumers, merchants and banks through its cutting edge technology solutions.
PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology and platform. PayU has empowered 5 lakhs+ businesses, including India's leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, pay-later, QR, UPI, Wallets, and more.
For more details, visit www.payu.in.
Mindgate Solutions, a globally recognized leading player in digital payments since 2008, is headquartered in Mumbai, India, with regional hubs in the Middle East, Southeast Asia, and the UK. The company specializes in developing advanced payment solutions for banks, government institutions, merchants, and corporates, leveraging cutting-edge technologies such as microservices architecture and real-time streaming to ensure scalability, security, and reliability. With a dedicated team of over 1,400 payment professionals and a portfolio of 60+ global marquee clients, Mindgate plays a pivotal role in enabling seamless digital transactions worldwide.
Founded by George Sam and Guhan Muthuswamy, Mindgate has established itself as a dominant force in UPI infrastructure, processing over 8 billion digital transactions monthly through its partner banks. facilitating payments worth $1 trillion annually. With a strong presence in the Middle East and a growing footprint in Europe, the UK, ASEAN, and the US, Mindgate is a trusted technology partner for leading banks globally. Its commitment to innovation and excellence has earned it prestigious accolades, including the MEA Finance Awards and the IBC Intelligence Awards, reinforcing its leading playership in the digital payments industry.
For more details, visit www.mindgate.solutions.
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