Reserve Bank of India (“RBI”) has invited comments on the following drafts on regulation of Payment Aggregators (“PAs”):

1. New draft directions on regulation of Payment Aggregators – Physical Point of Sale
2. Amendments to the existing directions on Payment Aggregators

The above draft directions on Regulation of payment Aggregators cover physical Point-of-Sale activities of PAs who handle proximity / face-to-face payments.

Further, amendments are proposed to the Guidelines on Regulation of Payment Aggregators and Payment Gateways basis the growth in digital transactions and the significant role that PAs play in this space. These amendments cover KYC and due diligence of merchants, operations in Escrow accounts, etc, and are intended to strengthen the payment ecosystem.

Comments / feedback on the draft Directions may be sent by email or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, on or before May 31, 2024.

For a read of the circular, kindly refer to the hyperlink below.

Source: Reserve Bank Of India (RBI)

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