India Paytm is allowed to postpone application for payment of aggregation license

According to news in the morning of March 27, Beijing time, Indian payment giant Paytm said on Sunday local time that it had received approval from local banking regulators to postpone its application for a payment aggregator license, and the company plans to reapply within about 15 days.

In a notice sent to the stock exchange on the same day, Paytm said that during this period the company can continue to provide online payment aggregation business for existing partners, but does not accept any new merchants.

A payment aggregation platform that brings together various online payment options must be authorized by the Bank of India and the Reserve Bank of India, the banking regulator.

In November, India's banking regulator refused to issue a payment aggregator license to Paytm.

The company said the latest move had no material impact on its business and revenue; for its offline business, it could continue to accept new merchants and provide them with payment services.