One 97 Communications, parent company of Paytm Payment Services, received RBI’s online payment aggregator license after in-principle approval in August. The license allows Paytm to function as a payment aggregator. Earlier application was returned in 2022 due to compliance issues, but received clearances from the Union Finance Ministry in August 2024.

Paytm introduced an updated payments application with new features like AI tools for expense tracking and balance management. Other companies like Razorpay, Pine Labs, Cashfree, PayU, and Easebuzz have also been authorized to operate as payment aggregators, covering online, offline, and cross-border payment services.

PhonePe, supported by Walmart, received final RBI authorization to operate as an online payment aggregator. Junio Payments, a subsidiary of FirstPay Technologies, was granted in-principle approval by RBI to issue prepaid payment instruments. RBI designated the Self-Regulated PSO Association (SRPA) as a self-regulatory organization for payment system operators.

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