(Reuters) – Indian financial technology company Paytm Payments Services Ltd has received an extension from the country’s banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said on Sunday.
Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company said in a notification to stock exchanges on Sunday.
Paytm Payments Services Ltd is a wholly owned subsidiary of One 97 Communications.
Payment aggregators, platforms that bring together various online payment options, must be licensed by India’s central bank and banking regulator, Reserve Bank of India.
In November, India’s banking regulator had declined a payment aggregator licence for the One 97 Communications unit that owns the popular Paytm brand.
The company said that the latest move has no material impact on its business and revenue and for the offline part of the business, the company can continue to take on new merchants and offer them payment services.
(Reporting by Mrinmay Dey in Bengaluru, Editing by Louise Heavens)