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The Reserve Bank of India (RBI) has released two draft directions on the regulation of Payment Aggregators (PAs) and invited public comments by May 31, 2024. The drafts include new directions covering physical Point-of-Sale (POS) activities and proposed amendments to existing PA regulations.
The new draft directions address offline PAs that handle proximity or face-to-face payments, as announced in RBI’s “Statement on Developmental and Regulatory Policies” dated September 30, 2022. The amended directions aim to update the existing framework for PAs in line with the growth of digital transactions and their increasing role in the payments ecosystem. Key areas covered include Know Your Customer (KYC) and due diligence of merchants, operations of escrow accounts, and other measures designed to further strengthen the payment ecosystem.
Stakeholders and members of the public can submit comments or feedback via email or post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, RBI, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, by the deadline of May 31, 2024.
[RBI]