Non-bank payment aggregators that collect funds from customers on behalf of merchants need authorisation from the RBI under the Payment and Settlement Systems Act, 2007 and RBI's payment aggregator guidelines. Applicants must be companies meeting net worth requirements (Rs 15 crore at application, Rs 25 crore within three years), keep funds in escrow, and follow merchant KYC and security norms.
Aggregator vs gateway
A payment aggregator handles merchant funds and needs authorisation. A pure payment gateway provides technology only and does not handle funds.
Eligibility
- Company incorporated in India
- Net worth requirements
- Fit and proper management
- Security and baseline technology standards
Application
- Apply to RBI with business plan and net worth certificate.
- In-principle approval.
- System audit and final authorisation.
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Get expert help →Compliance
- Merchant due diligence and KYC
- Escrow settlements within timelines
- Card data storage rules
- Grievance redressal and reporting
Frequently asked questions
Do e-commerce marketplaces need PA authorisation?
Marketplaces that handle funds for sellers may need to separate the aggregator business and seek authorisation.
Can a startup become a payment aggregator?
Yes, if it meets net worth and other requirements.
What is the escrow requirement?
Customer funds must be kept in an escrow account with a scheduled commercial bank and settled to merchants within prescribed timelines.
How long does PA authorisation take?
Typically several months including audits.
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