RBI Approves To Continue Operations Of Amazon Pay, Google, And 30 Other Payment Aggregators

The Reserve Bank of India (RBI) on Wednesday announced it had granted in-principle approval to 32 existing payment aggregators, allowing them to continue their operations.

Among the well-known companies whose names appear on the list of current payment aggregators who have been given in-principle approval to continue their operations published by the RBI on Wednesday are Amazon (Pay) India Pvt Ltd, Google India Digital Services Pvt Ltd, Reliance Payment Solutions Ltd, and Zomato Payments Pvt Ltd.

The RBI has returned the applications of PayTM Payments Services and PayU Payments Private Limited to continue operating as payment aggregators.

However, they are permitted to apply within 120 days of the date of return, and so they may continue doing business as long as they wait to bring on any new merchants until told differently.

The guidelines on the regulation of payment aggregators and payment gateways were previously published in circulars from the central bank, dated March 17, 2020 and March 31, 2021.

According to the RBI, applications from 18 currently operating payment aggregators, including Bhartipay Services Private Limited, are being processed.

Online non-bank payment aggregators have until September 30, 2021 to submit an application to RBI for authorization under the Payment and Settlement Systems Act of 2007. (PSS Act).

They were allowed yet another extension, this time until September 30, 2022, to submit their applications.