New Delhi, Feb. 6 -- When Vijay Shekhar Sharma said, "The upside is clear. There is still significant headroom in the online merchant ecosystem." It wasn't framed as a comeback line. It sounded more like a reset marker.

For Paytm, the December quarter wasn't about announcing a new product or entering a new market. It was about reopening a business lever that had remained constrained for months: merchant onboarding.

During Q3 FY26, Paytm Payment Services Ltd (PPSL), the wholly owned subsidiary of One 97 Communications Ltd., secured all key payment aggregator licences from the Reserve Bank of India. The approvals cover online, offline, and cross-border payment aggregation, effectively restoring PPSL's ability to operate across India's mer...