New Delhi: One 97 Communications Ltd, the parent company of Paytm, has approved the transfer of its offline merchant payments business to its wholly owned subsidiary, Paytm Payments Services Ltd (PPSL), to comply with the Reserve Bank of India’s guidelines for payment aggregators.

In a stock exchange filing, the company said the proposed transfer will consolidate the group’s online and offline merchant payments businesses under PPSL, which has received in-principle approval from the RBI to carry out a payment aggregator (Online) business.

The company said this will ensure that all payment aggregation activities are housed within one regulated entity and will build efficiency and synergy within the group.

The Offline Merchant Payments Business includes merchants serviced through QR code

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