India’s Paytm receives RBI online payment aggregator licence
One 97 Communications, the parent company of Paytm Payment Services, has announced the receipt of the Reserve Bank of India’s (RBI) online payment aggregator licence.
The RBI issued the certificate of authorisation, following an in-principle approval that was given in August this year.
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Paytm said that this authorisation permits the company to function as a payment aggregator.
The approval from the RBI comes after Paytm’s earlier application was returned in November 2022, due to issues related to foreign direct investment compliance.
The company later received the necessary clearances from the Union Finance Ministry in August 2024, enabling it to proceed with the application process for the payment aggregator licence.
During the period before receiving the in-principle approval, Paytm was unable to add new merchants and could only continue servicing its current merchant base, as reported by The Economic Times.
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By GlobalDataEarlier this month, Paytm introduced an updated version of its payments application, featuring a new interface and artificial intelligence tools for expense tracking, balance management, and personalised insights to support digital transactions.
Other companies, such as Razorpay, Pine Labs, Cashfree, PayU, have also been authorised to operate as payment aggregators, with approvals covering online, offline, and cross-border payment services.
Easebuzz has also recently obtained RBI authorisation to operate as a payment aggregator, enabling it to offer payment services across offline, online, and cross-border channels.
In September, The Times of India reported that PhonePe, a payments company supported by Walmart, received final RBI authorisation to operate as an online payment aggregator.
Additionally, Junio Payments, a subsidiary of FirstPay Technologies, was granted in-principle approval by the RBI earlier this month to issue prepaid payment instruments.
Recently, the RBI designated the Self-Regulated PSO Association (SRPA) as a self-regulatory organisation for payment system operators.
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