One 97 Communications (Paytm) has approved the transfer of its offline merchant payments business to its wholly-owned subsidiary, Paytm Payments Services (PPSL), to comply with the Reserve Bank of India’s (RBI) updated regulations on payment aggregators.

The company’s board approved the move in a meeting held on Wednesday (October 15), subject to execution of definitive agreements, receipt of necessary approvals from PPSL’s board, and shareholder consent.

The transfer will consolidate Paytm’s online and offline merchant payment operations under PPSL, which has received in-principle approval from the RBI to operate as a Payment Aggregator Online (PAO).

The offline business being transferred includes merchants serviced through QR codes, soundbox devices, and EDC machines. Paytm will imp

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