Paytm, a major player in India’s digital payment space, has announced plans to resubmit its application for a payment license following recent approval from the government to invest in its payments arm, Paytm Payment Services. This decision comes as a relief for the company, which has been working to navigate regulatory challenges in recent months.
Earlier this year, Paytm’s parent company, One 97 Communications, faced scrutiny from the Reserve Bank of India (RBI) and the Enforcement Directorate. The RBI had directed Paytm to shut down its payments bank operations in January 2024, a move that created hurdles for the company. However, with the new government approval, Paytm is set to make a fresh start.
The company has stated that it will continue to provide online payment aggregation services to its existing partners while resubmitting its application for a payment license. Paytm’s decision to seek a new license highlights its determination to comply with all regulations and continue offering a wide range of digital payment options to customers.
“We remain committed to meeting all regulatory standards and continuing to innovate in the digital payments space,” said a spokesperson for Paytm. The company is focused on strengthening
