Published: 11th May, 2024
Context
The Reserve Bank of India has granted payment aggregator (PA) licences to numerous payment providers and big merchant organizations in recent months.
What is Payment Aggregator?
- A payment aggregator is a third-party service provider that enables customers to make and businesses to accept payments online.
- Key-examples: Amazon Pay, PayPal, Stripe, others.
- PAs enable their clients to accept various payment methods such as UPI, debit cards, credit cards, cardless EMIs, bank transfers, e-wallets.
- After receiving payments from clients, PAs combine them and send them to the retailers.
- Requirement: A company that submitted an application for a PA license had to have had a net value of Rs. 15 crore as of March 31, 2021, and Rs. 25 crore as of March 31, 2023.
- Features:
- Seamless Onboarding, Integration and Sub-Merchant Account
- Secure Payment Processing
- Fraud Detection and Prevention
- Multiple Payment Options
- Fast Settlements and Customer Support
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