Payment Aggregators in India
Payment Aggregators (PAs) in India are entities that facilitate online payments and transactions. The Reserve Bank of India (RBI) has set regulations requiring these aggregators to obtain authorization, meet specific net worth criteria, and conduct thorough due diligence on transactions and merchants. This regulatory framework aims to enhance the security and streamline the process of cross-border transactions. Payment Aggregators must comply with various requirements, including maintaining Import Collection Accounts (ICA) for import-only transactions and Export Collection Accounts (ECA) for export-only transactions. The future of Payment Aggregators in India looks towards fostering fintech innovation, deeper open banking integrations, and offering value-added services, despite facing challenges in compliance and operational costs.
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