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Indian fintech Paytm wins a major regulatory battle days after key investor exit
Paytm has received approval from India’s central bank to resume onboarding new online merchants and offer its digital payment services.
Indian fintech giant Paytm has received long-awaited approval from the country’s central bank to operate as a payment services provider for online merchants — just days after one of its Chinese investors sold its entire stake — marking a key regulatory breakthrough after months of setbacks and scrutiny. The approval comes more than two years after the Noida-based fintech was initially denied the license in November 2022 due to non-compliance with India’s rules on receiving investments from countries that share a land border. The latest development will help Paytm control most of its value chain, from its offline sound boxes to the online payment gateway, and reduce its reliance on other bank partners, fintech investor Osborne Saldanha told TechCrunch.
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