Vivek Jalan
To clarify that RBI-regulated Payment Aggregators are eligible for the exemption under entry at Sl. No. 34 of notification No. 12/2017-CT(R) dated 28.06.2017 since they fall within the ambit of 'acquiring bank' as defined in the said entry.
To also clarify that this exemption does not cover payment gateway (PG) and other fintech services which do not involve settlement of funds.
Our Comments
A payment aggregator is a third-party payment processor like Razorpay that facilitates online transactions between businesses and customers. It enables businesses to accept various payment methods, such as credit cards, debit cards, UPI, net banking, and digital wallets
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Status of Applications received from Online Payment Aggregators (PAs) under Payment and Settlement Systems Act, 2007 - As on December 16, 2024 |
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Table A: Existing PAs who can operate as Online Payment Aggregators |
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Sr No. |
Name of the entity |
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1 |
Dreamplug Paytech Solutions Private Limited |
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2 |
Easebuzz Private Limited |
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3 |
Futuretek Commerce Private Limited |
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4 |
Hiveloop Internet Private Limited |
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5 |
Mpurse Services Private Limited |
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6 |
Nomisma Mobile Solutions Private Limited |
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7 |
NTT DATA Payment Services India Limited |
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8 |
Paymate India Private Limited |
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9 |
PayU Payments Private Limited |
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10 |
Phi Commerce Private Limited |
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11 |
PhonePe Private Limited |
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12 |
Pine Labs Private Limited |
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13 |
Tyche Payment Solutions Private Limited |
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14 |
Unimoni Enterprise Solutions Private Limited * |
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15 |
Vay Network Services Private Limited |
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16 |
Xsilica Software Solutions Private Limited |
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17 |
Zaak Epayment Services Private Limited |
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18 |
Freecharge Payment Technologies Private Limited * |
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19 |
Global Payments Asia-Pacific (India) Private Limited * |
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20 |
LivQuik Technology (India) Private Limited |
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21 |
PayTM Payments Services Limited * |
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22 |
Tapits Technologies Private Limited * |
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A payment gateway is a digital service that allows businesses to accept and process payments from customers. It acts as a secure bridge between the merchant and the bank, enabling businesses to accept payments through websites, mobile apps, or in physical stores. Some PGs are -
- PayU
- CCAvenue
- Instamojo
- PhonePe
- OPEN
- MobiKwik
- Cashfree
- BillDesk
- Citrus Pay
RBI regulated Payment Aggregators and not Payment Gateways are eligible for the exemption under entry at Sl. No. 34 of notification No. 12/2017-CT(R) dated 28.06.2017 since they fall within the ambit of 'acquiring bank' as defined in the said entry.
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