Step 1: Understand what a PA-P license allows.
An Offline Payment Aggregator Physical license lets a fintech company's POS arm process in person payments through physical card machines under RBI oversight.
Step 2: Eliminate the other fintech names.
Paytm, PhonePe and BharatPe are active in the payments space but the RBI approval for the POS arm named in this update belonged to a different company.
Step 3: Recall the actual company.
Razorpay's POS arm received RBI approval to operate as an Offline Payment Aggregator Physical, expanding its regulated presence in offline payments.
\[ \boxed{\text{Razorpay}} \]