India, April 26 -- PayU-owned online payments processor Wibmo is developing a payment gateway solution to aid digital distribution capabilities of large banks and financial services firms, ET reported.

Wibmo was acquired by Naspers-backed fintech major PayU for $70 Mn in 2019

Suresh Rajagopalan, CEO of Wibmo, told ET that its payment gateway business is around routing ecommerce transactions to payment aggregators, card schemes and networks, adding that the company has bagged several large contracts in India and overseas.

As per the report, Wibmo has also created a tokenisation solution, which enables consumers to check out from ecommerce sites and ensures banks are in compliance with Reserve Bank of India's tokenisation guidelines.

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