TLDR:
- PB Fintech, the promoter of PolicyBazaar, has approved the incorporation of a subsidiary for payment aggregation.
- The subsidiary, named PB Pay Private Limited, will facilitate merchants with offline and digital payment acceptance infrastructure.
PB Fintech, the promoter of PolicyBazaar, has announced plans to set up a payment aggregator subsidiary. The board of PB Fintech has given approval for the incorporation of a wholly-owned subsidiary, named PB Pay Private Limited, to carry out the business of payment aggregation. The new subsidiary will focus on providing payment acceptance infrastructure to merchants, both offline and digital, as permitted by the Reserve Bank of India.
The paid-up share capital of PB Pay Private Limited will be Rs 27 crore. The company will file an application for the incorporation process and seek approval from relevant authorities. This move highlights PB Fintech’s commitment to expanding its presence in the payment aggregation space and providing innovative solutions to merchants.
