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Payment Aggregators in India

Payment Aggregators in India
Recent News
Nium Secures Approval
Juspay, Zoho Approval
Zomato Approval
When
April 30, 2024, Deadline
Why
Regulate Cross-Border Transactions
Enhance Security
Streamline Payment Process
What
RBI Authorisation
Required for Non-Banks
Three Categories
Export-Only
Import-Only
Export and Import
Net Worth Requirements
Minimum INR 15 Crore Initially
INR 25 Crore by 2026
Due Diligence
For Buyers Over INR 2.5 Lakhs
For Merchants Onboarded
Transaction Limit
Maximum INR 25 Lakhs per Unit
Compliance
Grievance Redressal Officer
Security Risk Assessment
Fund Flow
Import-Only PA-CBs
Maintain Import Collection Account (ICA)
Export-Only PA-CBs
Maintain Export Collection Account (ECA)
Denominated in INR or Foreign Currency
Where
India
Who
Reserve Bank of India (RBI)
Regulator
Payment Aggregators (PAs)
Entities Facilitating Transactions
How
Applying for RBI Approval
Meeting Net Worth Criteria
Undertaking Customer Due Diligence
Significance
Improved Regulation
Enhanced Security Measures
Facilitation of Cross-Border Trade
Challenges
Compliance Burden
Increased Operational Costs
Way Forward
Fintech Innovation
Open Banking Integration
Value-Added Services
Overcoming Compliance Challenges
Agile Technology Integration
Upskilling Talent
Strategic Partnerships

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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