PayU acquires Wibmo for Indian mobile payments fun
PayU, an online payment service provider and Naspers’ fintech arm, has acquired Wibmo, a California-based digital payment security and mobile payment technology company.
This acquisition aims to combine the merchant network and Wibmo’s digital payment security solutions to offer services to merchants and financial institutions in India and other high growth markets.
Wibmo partners and integrates with banks in over 20 countries to offer payment authentication and risk-based decisioning across billions of online and mobile payment transactions.
Aakash Moondhra, CFO, PayU Global, says: “India is a priority market for PayU and we are committed to making digital payments frictionless through our innovative products and services, supporting the Government’s vision of a digital India.”
He adds: “We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions.”
PayU plans to build a digital payment ecosystem to harmonise transaction processing on both the issuing and acquiring side, while delivering capabilities in mobile and online payments. PayU and Wibmo together will also work with merchants and financial institutions to leverage data from hundreds of millions of Indian consumers annually.
This acquisition will also help PayU use big data to power credit on various online and offline merchants, in partnership with big lenders. PayU also aims to leverage Wibmo’s mobile payments platform for banks.
Wibmo and PayU businesses will continue to run separately.