PayUmoney India’s largest payment gateway catering to more than 3,00,000+ merchants is planning to close its mobile wallet service effective January 31.
Online payment service provider has taken this move to pay more attention to its credit-based product LazyPay. PayU India, the flagship company of Naspers group, has asked users to transfer their amount to their bank accounts.
“We would like to inform you that the PayUMoney wallet issued by RBI will be closing its services on 31st January 2018. Although we are restricting loading money to PayUMoney wallet from January 4 onwards, you can still shop with your saved cards on your favorite brands,” the company said in a statement to its users.
“PayU will continue to offer its m-wallet services through Citrus even though it may not aggressively push it from now on,” added the statement.
All the merchants offering PayUMoney wallet will be replaced by Citrus Pay bought by former for $130 million in September 2016.