PayU's Wibmo building full-stack payment gateway solutions

PayU-owned Wibmo, a provider of authentication services for online digital payments, is building a complete payment gateway solution.

By creating a prepaid issuance stack and a neo-banking solution for banks, Wibmo aims to support digital distribution capabilities of large banks and financial services firms.

The company is emerging as a key offering for Naspers-backed PayU which is looking to venture deeper into business payments and enter newer markets.


From fetching about 94% of revenues from India around three years ago, Wibmo currently processes 36% of its revenues from overseas clients and the target is to boost this to 40% by this fiscal year-end.

“With regards to our payment gateway business which is around routing ecommerce transactions to payment aggregators, card schemes and networks, we have won very large contracts in India as well as a couple of new contracts outside India,” said Suresh Rajagopalan, chief executive officer, Wibmo.

The company, which was acquired by merchant payments major PayU in 2019, is working with top public and private sector banks.

Wibmo has also built a tokenisation solution to assist consumers checking out from ecommerce portals and enable banks in staying compliant with Reserve Bank of India’s tokenisation guidelines.

PayU received on Tuesday in-principle approval from RBI for its payment aggregation business.

As PayU prepares to build a merchant payments business, Wibmo is doubling down on B2B part of the payment flow. Through this, PayU intends to grab a large share of the payments network.

Wibmo has also built a prepaid platform for issuing prepaid cards, virtual prepaid accounts on top of which consumer-facing platforms can build their own payment solutions.

“We had a prepaid stack in the past but that had not taken up strongly then, but over the last three to four years, we have caught up with all the compliance requirements in prepaid and launched it with large brands,” Rajagopalan said.

Wibmo intends to invest and strengthen its prepaid solution over the next two to three years for building a strong issuance platform for both physical and virtual cards.

Rajagopalan wants to address corporate expense management through this platform.

“We have also built a Bank-Ezy platform for smaller banks to build and operate a digital banking platform similar to the tier one private banks with all features around payments, lending and investments,” he said.