Zomato Payments, Amazon (Pay) India, Google India Digital Services, NSDL Database Management, and the Reserve Bank of India’s list of 54 organizations that can continue to operate as Online Payment Aggregators (PAs) are among them.
The RBI stated in a statement that the list of entities that have submitted applications to R+BI seeking authorization to act as online PAs with the current status of their application as of February 15, 2023, has been published in order to ensure greater transparency while the exercise of scrutiny of PA applications is ongoing.
India’s central bank, the Reserve Bank of India (RBI), is said to have published a list of 32 entities today at Beijing time. Give these organizations permission to combine online payments. This includes, among others, Reliance Payment Solutions, Amazon Pay, and Google Pay.
According to the Reserve Bank of India’s website, the names were released to “disseminate information and ensure greater transparency.” One of the other approved entities is Zomato Payments., In addition, the RBI stated that the applications of 18 additional businesses were still being evaluated. Infibeam Avenue and Pine Labs Private For the time being, these companies can continue to function as payment aggregators.
The Payment Aggregation License allows related entities to process significant volumes of payments involving payment settlements. Companies in related industries are required to apply for a license as mandated by the Reserve Bank of India. The list is made up of three tables.
One of the tables titled “Existing PAs who can operate as Online Payment Aggregators” contains 54 names. Another table has the title “New PAs who have been granted in-principle authorization and whose application is currently being processed – Cannot operate.” It contains 28 names.
The third is on the “List of PAs whose applications were returned or withdrawn – Cannot operate” list, which includes 57 entities. “All stakeholders are advised to transact only with those existing PAs whose application has been processed or has been granted in-principle authorization,” reads a statement from the RBI.
It also said that stakeholders can’t do business with new PAs until they have “authorization” from the Reserve Bank of India in accordance with the Payment and Settlement Systems Act. In order to bring online payment aggregation businesses into the regulatory fold, the Reserve Bank of India issued circulars titled “Guidelines on Regulation of Payment Aggregators and Payment Gateways.”
PAs are businesses that make it simpler for online retailers and merchants to accept various payment methods from customers. They make it simpler for companies to connect with customers. Customers’ payments are collected, pooled, and then transferred to merchants during this process.
As of March 17, 2020, online non-bank PAs were required by the Guidelines to submit an application to the RBI by September 30, 2021 for PSS Act authorization. “PPSL is already in the process of reapplication for a Payment Aggregator license, as we have mentioned in our Q3 earnings release,” a Paytm spokesperson stated. These PAs were later granted an extension.
As stated previously, this has no significant impact on OCL’s online business or revenues. OCL can continue to accept new offline businesses and provide payment services like Soundbox, Card Machines, and All-in-One QR to them. submit their application by September 30, 2022.