payment aggregator

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PAs are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. PAs also facilitate merchants to connect with acquirers. In the process, they receive payments from customers, pool, and transfer them on to the merchants after a particular time period. Non-bank PAs shall require authorization from RBI under the Payment and Settlement Systems Act, 2007 (PSSA). Thus, PAs are intermediaries play an important function in facilitating payments in the online space.

Benefits of PA

  • The present model of the PA system is ab economical and productive one.
  • The application process for a PA is a simple one.
  • PA enhances the functioning of the online financial space.

Documents Required For Payment Aggregator

  1. Details of the Applicant.
  2. Certificate of Incorporation of the company.
  3. MOA and AOA of the Company.
  4. PAN Card or Address proof of the Directors.
  5. DSC and DIN of the Directors.
  6. Address proof of the place of business
  7. Management’s information.
  8. Main business of the applicant company.
  9. Main business of the applicant company.
  10. Audited Balance Sheet, profit, and loss statement of the applicant, for the last three years
  11. Particulars of Payment System sought to be set up (full details to be furnished) including process flow, technology to be used, security features, interoperability, etc.

More About Capital Requirements

  • New PAs shall have a minimum net-worth of ₹15 crores at the time of application for authorization and shall attain a net-worth of ₹25 crores by the end of the third financial year of grant of authorization. The net-worth of ₹25 crores shall be maintained at all times thereafter.
  • PAs shall submit a certificate in the enclosed format from their Chartered Accountants (CA) to evidence compliance, with the applicable net-worth requirement when they are submitting an application for authorization. Newly incorporated non-bank entities that may not have an audited statement of financial accounts shall submit a certificate in the enclosed format from their Chartered Accountants regarding the current net-worth along with a provisional balance sheet.
  • Entities seeking authorization as PA from the RBI under the PSS Act shall apply through
    Form A ( to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office, Mumbai. Entities regulated by any of the financial sector regulators shall apply along with a ‘No Objection Certificate’ from their respective regulator, within 45 days of obtaining such clearance. The fee of Form A shall be Rs. 10,000/- (non-refundable)
  • PAs shall be professionally managed. The promoters of the entity shall satisfy the fit and proper criteria prescribed by RBI.

More About Grant of Authorisation Certificate

  • The Bank, while granting authorization, may impose such conditions as it may deem fit, and the authorization so granted shall be in force subject to satisfaction of such conditions.
  • The Bank may levy an amount which may be specified by it in the authorization certificate, as fees for authorization under the PSS Act.
  • Where the Bank considers it necessary for the proper conduct of the payment system, it may require the applicant to furnish a security deposit as required under the PSS Act. Such amount as may be specified by the Bank from time to time.

More About Governance

  • Any takeover or acquisition of control or change in management of a non-bank PA shall be communicated by way of a letter to the Chief General Manager, Department of Payment and Settlement Systems (DPSS), RBI, Central Office, Mumbai within 15 days along with complete details, including ‘Declaration and Undertaking’ by each of the new directors, if any. RBI shall examine the ‘fit and proper’ status of the management and, if required, may place suitable restrictions on such changes.
  • PAs shall appoint a Nodal Officer responsible for regulatory and customer grievance handling functions. PAs shall prominently display details of the nodal officer on their website.
  • PAs shall put in place a formal, publicly disclosed customer grievance redressal and dispute management framework, including designating a nodal officer to handle the customer complaints/grievances and the escalation matrix. The complaint facility, if made available on website / mobile, shall be clearly and easily accessible.
  • A proper mechanism must be prepared against Money Laundering (KYC/ AML/CFT) provisions.
  • PAs shall be responsible to check Payment Card Industry-Data Security Standard (PCI-DSS) and Payment Application-Data Security Standard (PA-DSS), compliance of the infrastructure of the merchants on-board.
  • A strong risk management system is necessary to meet the challenges of fraud and to ensure customer protection. PAs shall put in place adequate information along with infrastructure for data security and systems for the prevention and detection of frauds.


    To become a payment aggregator both bank and non-bank providers need to have RBI’s authorization, it must be a company registered in India and will have to localize payments data, having a net worth capital of Rs. 15 crores.

    A payment aggregator is a service provider through which mobile payments and e-commerce merchants can process payment transactions.

    Payment aggregators keep an entity’s money just like a bank account. The money in the account can be used for business purposes like purchasing or selling and deduction/addition is made like a general ledger.

    Yes, PayPal is a payment aggregator..

    In case you are a merchant and want to expand your business in a short span of time, by using all modes of online payments and credit card payments, with minimal hassle, then payment aggregator is the best choice.

    “Payment aggregator” is a blessing for small businesses as “Payment gateways” can quickly access small businesses once they incorporate with payment aggregators. Merchant aggregators are cost-effective for micro-transactions.

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