The Reserve Bank of India vide its notification dated 31st March 2021 has revised the guidelines on Regulation of Payment Aggregators and Payment Gateways in which it has decided as a one-time measure, to extend the timeline for non-bank PAs by six months, i.e., till December 31, 2021, to enable the payment system providers and participants to put in place workable solutions, such as tokenisation, within the framework.
The guidelines seek to regulate the activities of online PAs while providing baseline technology-related recommendations to PGs and it shall be applicable to online PAs and PGs and also to e-commerce marketplaces that are undertaking direct payment aggregation; e-commerce marketplaces availing the services of a PA shall be considered as merchants.
