PB Fintech launching new payment aggregator subsidiary, get excited

TLDR:

– PB Fintech, the promoter of Policy Bazaar, is setting up a payment aggregator subsidiary called ‘PB Pay Private Limited’.
– The subsidiary will facilitate merchants with offline and/or digital payment acceptance infrastructure.

PB Fintech, the promoter of Policy Bazaar, announced the approval of the incorporation of a wholly-owned subsidiary to operate as a payment aggregator. The subsidiary, named ‘PB Pay Private Limited’, will engage in domestic and/or cross border payment aggregator services, as permitted by the Reserve Bank of India. The company plans to facilitate merchants with both offline and digital payment acceptance infrastructure.

The proposed company will have a paid-up share capital of Rs 27 crore. The process of incorporation is subject to approval from relevant authorities. This move signifies PB Fintech’s expansion into the payment aggregator sector, in addition to its existing services as a promoter of Policy Bazaar.