RBI issues draft guidelines on payment aggregators | Check details
Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations in Escrow accounts, and intended to strengthen the payment ecosystem," RBI said. On KYC and due diligence, the draft said the payment aggregators should undertake due diligence of merchants onboarded by them in accordance with Customer Due Diligence prescribed in Master Directions on Know Your Customer, 2016. For face-to-face/proximity payment transactions done using cards, from August 1, 2025, the draft said no entity in the card transaction/payment chain, other than the card issuers and/or card networks, shall store the Card-on-File data.
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