Payment Aggregator: Key Features

February 10, 2024

GS Paper III Indian Economy

Context:

Several Startups have recently obtained regulatory approval from RBI to operate as payment aggregators.

About Payment Aggregator (PA)

Payment Aggregator

Payment Aggregator is also known as a merchant aggregator, It is a third-party service provider that enables customers to make payments and businesses to accept payments by integrating it into their website or apps.
- It facilitates their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
Incorporated under: Companies Act, 2013.
Authorization from RBI: Non-bank payment aggregators or PAs required, because ‘handling funds’ is considered a part of the normal banking relationships for bank PAs.
Examples: Razorpay, Enkash, Cashfree Payments etc

Key Features of Payment Aggregators

Seamless Onboarding and Sub-Merchant Management
Secure Payment Processing
Fraud Detection and Prevention
Accepts Multiple Payment Options
Offers instant settlements, even during non-banking hours and holidays.
Focuses on creating a user-friendly checkout process.

Also Read: NHAI’s One Vehicle One FASTag Initiative

News Source : Business Standard

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