32 payment aggregators including Amazon Pay, Google India and Reliance Payment Solutions have received in-principle approval from the Reserve Bank of India (RBI) to operate as Payment Aggregators.
This includes Google, Computer Age, Amazon, NSDL, World Line, Reliance, Zomato, Innnoviti, etc. Applications of 18 more are pending. The pending applications were from Phone Pe, Bharti Pay, Unimoni, Adyen, etc.
Payment aggregators are entities that facilitate e-commerce sites and merchants to accept payment via various instruments from customers. The merchants do not need to create a separate payment integration system of their own.
Reserve Bank of India had issued a payment aggregator framework, mandating payment gateways to get a license for acquiring merchants and offer digital payments solutions.
Other entities who have received an in-principle nod from the RBI to operate as payment aggregators include, Infibeam Avenues, Innoviti Payment Solutions, Lyra Network, NSDL Database Management, Open Financial Technologies, Pine Labs and Razorpay Software Private Limited.
