Paytm shares in focus as RBI clears offline payment aggregator licence; key details
PPSL now holds Payment Aggregator licences across all key segments, enabling it to offer end-to-end payment aggregation services across online, offline and cross-border use cases.
- Dec 18, 2025,
- Updated Dec 18, 2025 8:30 AM IST
Shares of One 97 Communications Ltd (Paytm) are in focus on Thursday morning after a wholly-owned subsidiary, Paytm Payments Services Limited (PPSL) received RBI nod to operate as a payment aggregator for physical (offline) payments and cross-border transactions i.e. both inward and outward. This is in addition to the online payment aggregator authorisation already granted by RBI on November 26, 2025, under the Payment and Settlement Systems Act, 2007.
"With receipt of this authorisation, PPSL now holds Payment Aggregator licences across all key segments, enabling it to offer end-to-end payment aggregation services across online, offline and cross-border use cases, delivering seamless payment experiences for merchants, and supporting the Company’s long-term growth in domestic and international payment acceptance," Paytm informed stock exchanges.
Geojit in a note earlier this month said Paytm delivered strong performance in Q2, buoyed by double-digit growth across core operational levers, on the back of improved execution, healthier customer retention, stronger online merchant traction, and the introduction of new products on its devices.
It said Paytm continues its focus on AI-driven product enhancements, strengthening of the merchant ecosystem, consolidation of financial products on its platform and better merchant discount rates (MDRs). It said disciplined customer acquisition are expected to support operational stability and are likely to also enhance its long-term position.
"However, regulatory uncertainties and the current premium valuation remain near-term concern. Hence, we reiterate our HOLD rating on the stock, with a revised target price of Rs 1,481, based on 9x FY27E price-to-sales ratio," Geojit said on December 5.
Earlier on November 26, ICICI Securities said its positive stance on One 97 Communications remains intact on the back of its significant earnings growth potential, stemming from a likely growth in payments and loan distribution; margin expansion prospects from a combination of product upgrade; and presence of optionality through possible offerings, including traction in postpaid, wallet, international. This, ICICI Securities said, would be complemented by Paytm's diverse presence across the payment ecosystem.
"Given these levers, we consider risk-reward as favourable. There is also better success now in terms of product innovations, customer/merchant retention and free cash flow maximisation. Regulatory challenges, including its impact on loan growth, remain key risks," it said.
Shares of One 97 Communications Ltd (Paytm) are in focus on Thursday morning after a wholly-owned subsidiary, Paytm Payments Services Limited (PPSL) received RBI nod to operate as a payment aggregator for physical (offline) payments and cross-border transactions i.e. both inward and outward. This is in addition to the online payment aggregator authorisation already granted by RBI on November 26, 2025, under the Payment and Settlement Systems Act, 2007.
"With receipt of this authorisation, PPSL now holds Payment Aggregator licences across all key segments, enabling it to offer end-to-end payment aggregation services across online, offline and cross-border use cases, delivering seamless payment experiences for merchants, and supporting the Company’s long-term growth in domestic and international payment acceptance," Paytm informed stock exchanges.
Geojit in a note earlier this month said Paytm delivered strong performance in Q2, buoyed by double-digit growth across core operational levers, on the back of improved execution, healthier customer retention, stronger online merchant traction, and the introduction of new products on its devices.
It said Paytm continues its focus on AI-driven product enhancements, strengthening of the merchant ecosystem, consolidation of financial products on its platform and better merchant discount rates (MDRs). It said disciplined customer acquisition are expected to support operational stability and are likely to also enhance its long-term position.
"However, regulatory uncertainties and the current premium valuation remain near-term concern. Hence, we reiterate our HOLD rating on the stock, with a revised target price of Rs 1,481, based on 9x FY27E price-to-sales ratio," Geojit said on December 5.
Earlier on November 26, ICICI Securities said its positive stance on One 97 Communications remains intact on the back of its significant earnings growth potential, stemming from a likely growth in payments and loan distribution; margin expansion prospects from a combination of product upgrade; and presence of optionality through possible offerings, including traction in postpaid, wallet, international. This, ICICI Securities said, would be complemented by Paytm's diverse presence across the payment ecosystem.
"Given these levers, we consider risk-reward as favourable. There is also better success now in terms of product innovations, customer/merchant retention and free cash flow maximisation. Regulatory challenges, including its impact on loan growth, remain key risks," it said.