The Reserve Bank of India approves the applications of 32 companies to function as online payment aggregators.

On Wednesday, the Reserve Bank of India (RBI) provisionally approved 32 entities, including well-known names like Amazon (Pay) India, Google India, and Pine Labs, to function as online payment aggregators (PAs). A payment aggregator license empowers companies to manage a large volume of payments and participate in the settlement of transactions.

In addition to the existing 32 payment aggregators, the RBI has also given preliminary approval to 19 new entities, such as JusPay, Zoho Payment Technologies, Mswipe, and Tata Payments Limited. However, these 19 entities are not allowed to commence operations until further notice in accordance with RBI guidelines.

As per the RBI guidelines, entities that were already functioning as non-banking payment aggregators as of March 17, 2020, were required to apply for a payment aggregator license with the RBI by September 30, 2021, in order to obtain authorization under the Payment and Settlement Systems Act, 2007 (PSS Act).