Amazon, Google in RBI’s List of Online Payment Aggregators, Over 50 Entities Granted License to Operate

The Reserve Financial institution on Wednesday launched an inventory of 54 entities, together with Amazon (Pay) India, Google India Digital Providers, NSDL Database Administration, and Zomato Funds, which might proceed to function as On-line Cost Aggregators (PAs).

In an announcement, the RBI mentioned whereas the train of scrutiny of purposes of PAs is an ongoing course of, for the aim of disseminating data and guaranteeing better transparency, the record of entities which have submitted purposes to RBI in search of authorisation to behave as on-line PAs with the present standing of their software as of February 15, 2023, is revealed.

The record has three tables.

One of many tables is on ‘Current PAs who can function as On-line Cost Aggregators’ and has 54 names. One other desk is on ‘New PAs who’ve been granted in-principle authorisation and whose software is presently below course of – Can not function’. It has 28 names.

The third is on ‘Checklist of PAs whose purposes have been returned/withdrawn – Can not function’ and has 57 entities.

“All stakeholders are suggested to transact with solely these present PAs who’ve been granted in-principle authorisation or whose software is presently below course of,” the RBI mentioned.

It additional mentioned that stakeholders might transact with new PAs solely after these entities have acquired ‘authorisation’ below the Cost and Settlement Methods Act from the Reserve Financial institution of India.

With a view to bringing entities endeavor on-line fee aggregation enterprise throughout the regulatory fold, the Reserve Financial institution of India issued circulars on “Pointers on Regulation of Cost Aggregators and Cost Gateways”.

PAs are entities that facilitate e-commerce websites and retailers to simply accept numerous fee devices from prospects. They facilitate retailers to attach with acquirers. Within the course of, they obtain funds from prospects, pool and switch them on to the retailers after a time interval.

As per the Pointers, on-line non-bank PAs (present as on March 17, 2020) have been required to use to RBI by September 30, 2021, for in search of authorisation below the PSS Act. Later, an extension was allowed for these PAs to submit their software by September 30, 2022.

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