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Paytm Unit Secures RBI Nod to Operate as Online Payment Aggregator

  • tech360.tv
  • Aug 13
  • 1 min read

Paytm's Payment Services unit has received in-principle approval from the Reserve Bank of India to function as an online payment aggregator, the company announced Tuesday.


Paytm QR codes and a payment device on a blue background. Text reads "Paytm Accepted Here." "Payment Successful" on the device screen.
Credit: Paytm

The approval marks a significant step for the Indian fintech firm, which had applied for the licence in August 2024. The move came seven months after the central bank directed it to close its payments bank.


Paytm POS device shows a successful payment of ₹1690. Two people, one scanning the code. Blue and white theme with visible text.
Credit: Paytm

Payment services remain a key revenue driver for Paytm, contributing over 50% of its consolidated revenue in the quarter ending June 30.


The development comes shortly after China's Ant Group exited Paytm by selling its remaining 5.84% stake through block deals last week.

  • Paytm's Payment Services unit gets RBI's in-principle approval

  • Application was submitted in August 2024 after payments bank closure order

  • Payment services made up over 50% of revenue in June quarter


Source: REUTERS

 
 
 

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