India’s Paytm receives RBI online payment aggregator licence

One 97 Communications, the genitor institution of Paytm Payment Services, has announced the receipt of the Reserve Bank of India’s (RBI) online outgo aggregator licence.

The RBI issued the certificate of authorisation, pursuing an in-principle support that was fixed successful August this year.

Paytm said that this authorisation permits the institution to relation arsenic a outgo aggregator.

The support from the RBI comes aft Paytm’s earlier exertion was returned successful November 2022, owed to issues related to overseas nonstop concern compliance.

The institution aboriginal received the indispensable clearances from the Union Finance Ministry successful August 2024, enabling it to proceed with the exertion process for the outgo aggregator licence.

During the play earlier receiving the in-principle approval, Paytm was incapable to adhd caller merchants and could lone proceed servicing its existent merchant base, arsenic reported by The Economic Times.

Earlier this month, Paytm introduced an updated mentation of its payments application, featuring a caller interface and artificial quality tools for disbursal tracking, equilibrium management, and personalised insights to enactment integer transactions.

Other companies, specified arsenic Razorpay, Pine Labs, Cashfree, PayU, person besides been authorised to run arsenic outgo aggregators, with approvals covering online, offline, and cross-border outgo services.

Easebuzz has besides precocious obtained RBI authorisation to run arsenic a outgo aggregator, enabling it to connection outgo services crossed offline, online, and cross-border channels.

In September, The Times of India reported that PhonePe, a payments institution supported by Walmart, received last RBI authorisation to run arsenic an online outgo aggregator.

Additionally, Junio Payments, a subsidiary of FirstPay Technologies, was granted in-principle support by the RBI earlier this period to contented prepaid outgo instruments.

Recently, the RBI designated the Self-Regulated PSO Association (SRPA) arsenic a self-regulatory organisation for outgo strategy operators.

"India’s Paytm receives RBI online outgo aggregator licence" was primitively created and published by Electronic Payments International, a GlobalData owned brand.

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