PayU has allegedly shared its plans to acquire online payments company Wibmo for USD 60 million, according to Economic Times India.
Wibmo, formerly known as Enstage, specialises in multiple payment service offerings, including 3-D Secure, for ensuring safety of digital transactions to mobile payments and merchant payments.
If the acquisition is completed, PayU will own the entire payment process.
Wibmo is an important player in the 3-D Secure process of digital payments, which is the page where customers are asked to insert their passwords or one-time passwords (OTPs) to authenticate digital transactions. The company works with most of the Indian banks. It is certified by Mastercard, Visa, RuPay, as well as PCI DSS, which means it can process all forms of digital payments from cards to mobile-based transactions.