Internet Banking: The payment system in the country has changed rapidly in the last few years. The dominance of digital banking and internet banking has increased in India. The Reserve Bank of India has announced that major changes are going to take place in the internet banking system and the easy payment system will be launched by the end of the year. After these changes, payment aggregator will no longer be required for such transactions.
At present, while using internet banking, banks require a payment aggregator. Because of this, they have to negotiate with different aggregators for each platform. An ‘aggregator’ is a third party service provider that acts as a link between customers and businesses. Changes in the RBI system will provide huge benefits to businessmen and transactions will be settled quickly.
Businessman faces problems due to payment aggregator
Payment aggregator is a third party service provider that enables businesses to accept online payments from customers. In such a situation, banks have to integrate with different payment aggregators for each platform, due to which this process becomes complicated. Apart from this, many times the business also faces delay in receiving the payment amount.
Businessmen will benefit
To overcome this problem of traders and banks, RBI has decided to change the rules. RBI Governor Shaktikanta Das has also said that NPCI Bharat Bill Pay Limited has been given approval to start a system so that there is no need for third party payment aggregator (Merchant Payment). There is a plan to implement this system in the current financial year. Shaktikanta Das has expressed hope that with the implementation of this new system, the money transactions of the traders will be settled immediately and this will also increase the trust of the users on digital payments.
