32 Entities to now Serve as Online payment Aggregators

Online payment

32 current payment aggregators have received ‘in-principal clearance’ from the Reserve Bank of India (RBI) to serve as online payment aggregators.

The central bank reported that 18 additional existing payment aggregator applications are currently being processed.

Among others, in-principal authorization has been given to Amazon (Pay) India Pvt Ltd, Google India Digital Services Pvt Ltd, Reliance Payment Solutions Ltd, Cashfree Payments, Pine Labs, Razorpay Software Private Limited, and Zomato Payments Pvt Ltd.

Online non-bank payment aggregators (PAs) that were in operation as of March 17, 2020 were mandated by the guidelines to submit an application to RBI by September 30, 2021 in order to get authorization under the Payment and Settlement Systems Act, 2007. (PSS Act). All such PAs were given still another time to submit their applications by September 30, 2022.

According to the RBI, in order to increase transparency, the application status of payment aggregators who are currently going through the process would be updated every two weeks.

Reserve bank of India in its circular said, “While the exercise of scrutiny of applications of PAs is an ongoing process, for the purpose of disseminating information and ensuring greater transparency, the list of entities who have submitted application to RBI seeking authorisation to act as online PAs under the PSS Act along with the current status of their application as on February 15, 2023 is published, which will be updated on a fortnightly basis.”

All parties involved are encouraged, according to the central bank, to only conduct business with existing PAs who have received in-principal authorization or whose applications are currently being reviewed.