The Reserve Bank of India on Wednesday released the list of ‘online payment aggregator’ ie units providing payment facility. There are a total of 54 units in this list including Amazon (Pay) India, Google India Digital Services, NSDL Database Management and Zomato Payments.
These units can continue to function as online payment aggregators (PAs). There are aggregate service providers who provide the facility of payment. It integrates different online payment options together and brings them to a single place for merchants. This allows merchants to accept bank transfers without having to set up a bank-based merchant account.
Reserve Bank of India released the list in 3 tables
RBI has said in its statement that the work of examining the applications of ‘Payment Aggregator’ (PA) is a regular ongoing process. But according to the status till February 15, 2023, a list is being issued for units seeking approval to work as online payment aggregators by giving applications. The list issued by the Reserve Bank of India has been issued in three tables.
There are different categories of PAs in different tables.
A table from the Reserve Bank of India contains the names of existing payment aggregators. These payment aggregator units can act as online payment aggregators, there are 54 names in it. The second table is of new payment aggregators, units in this category have been approved in-principle and whose applications are currently under process and cannot operate, it has 28 names.
The third table contains the names of payment aggregators whose applications were either returned or withdrawn. There are 57 units in this category which cannot act as online payment aggregators.
