Paytm gets granted a 15-day extension to present its application for online payment aggregation.

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Tech News Summary:

  • One97 Communications has 15 more days to file an application for the online payments aggregator license for its subsidiary PPSL, according to a regulatory filing.
  • PPSL had its application rejected by the Reserve Bank of India in November, but it can continue to operate its online payment aggregation business under the central government approval for a previous investment made by OCL in PPSL in accordance with FDI guidelines while awaiting approval for the license.
  • PPSL can continue to operate its online payment aggregation operation for current partners during the ongoing process without adding new merchants. The notification from RBI only applies to onboarding new online merchants, so there is no significant impact on the business and revenue of One97 Communications as it can continue to offer payment services to its current online merchants.

Paytm, India’s leading digital payment company, has been granted a 15-day extension by the Reserve Bank of India (RBI) to submit its application for online payment aggregation. Paytm had initially failed to meet the deadline of February 28, 2021, set by RBI, for submitting its application.

The extension granted to Paytm is in line with the RBI’s recent move to provide additional time to companies facing challenges due to the ongoing COVID-19 pandemic. This has provided Paytm with some additional breathing space to meet the regulatory requirements and comply with RBI’s guidelines for online payment aggregation.

The regulatory guidelines require digital payment companies operating in India to obtain authorization from RBI for offering payment aggregation services to merchants. This involves consolidating payment requests from multiple payment channels on a single interface provided by the payment aggregator.

Paytm aims to provide a comprehensive payment infrastructure to merchants, enabling them to accept payments from customers through various channels, including mobile wallets, UPI, net banking, debit and credit cards. The company also plans to offer additional services to its merchant partners, such as lending, insurance, and accounting, thereby enabling them to enhance their business operations.

As the COVID-19 pandemic has accelerated the shift towards digital payments, Paytm is well-positioned to benefit from this trend in India. With more than 350 million registered users, Paytm has emerged as a leading player in the digital payments space in India. The company has also announced plans to go public in the upcoming months, which will open up new avenues for growth and expansion.

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