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Paytm Gets Extension For Payment Aggregator Licence Application
The company has revealed that the central bank RBI has allowed Paytm to continue with the Online Payment Aggregation business, while it awaits approval from Government of India (GoI) for past investment from OCL into PPSL as per FDI Guidelines
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Paytm on Sunday said that it has received an extension of time from RBI for resubmission of its Payment Aggregator application licence.
The company has revealed that the central bank RBI has allowed Paytm to continue with the Online Payment Aggregation business, while it awaits approval from Government of India (GoI) for past investment from OCL into PPSL as per FDI Guidelines. But the GoI has said that Paytm can can continue with its online payment aggregation business for existing partners, without onboarding any new merchants.
RBI had declined Paytm’s application for payment aggregator licence in November last year.
The company has clarified that the developments have no material impact on its business and revenues, since the communication from RBI is applicable only to onboarding of new online merchants and it can continue to provide payment services to our existing online merchants.
“Furthermore, for offline business, OCL can continue to onboard new merchants and offer them payment services including All-in-One QR, Soundbox, Card Machines, etc,” Paytm said it a regulatory filing.