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Payment Aggregator / Payment Services

Payment Aggregator licence from RBI — for entities facilitating online payment collection for merchants. Minimum net worth of Rs.25 crore (existing) or Rs.15 crore (new).

5.0 / 5.0

Overview

A Payment Aggregator (PA) is an entity that facilitates e-commerce sites and merchants to accept various payment instruments (credit cards, debit cards, UPI, net banking, wallets) from customers without needing the merchants to set up their own payment gateway infrastructure. Payment Aggregators are regulated by the Reserve Bank of India under the PA and Payment Gateway (PA-PG) Guidelines 2020.

All existing PAs operating before March 2020 must obtain RBI authorisation; new entrants must apply for a PA licence before commencing operations. Minimum net worth requirement: Rs.25 crore for existing PAs and Rs.15 crore for new PAs (to be raised to Rs.25 crore within 3 years). Key compliance requirements include AML/KYC merchant onboarding, escrow account maintenance, data localisation, PCI-DSS certification, and Information Security Policy compliance.

MFiling assists with the complete PA licence application including company structure review, net worth documentation, AML policy drafting, IT audit coordination, and RBI submission. MFiling professional charges: from Rs.49,999.

Key Benefits

Legal Authority to Collect Payments for Merchants
RBI licence is mandatory to operate a Payment Aggregator business in India.
Expanding Fintech Opportunity
India's digital payments market is the fastest growing globally — early licence is a competitive advantage.
Regulatory Credibility
RBI registration provides regulatory credibility for investors, banks, and borrowers.
Access to All Payment Instruments
Licensed PAs can integrate with all card networks, UPI, wallets, and net banking.

Documents Required

Certificate of Incorporation and MOA/AOA with PA Objectives
Audited Financials Demonstrating Net Worth ≥ Rs.15–25 crore
AML / KYC Merchant Onboarding Policy Documentation
Information Security Policy and PCI-DSS Compliance Evidence
Board of Directors Profile and KYC / Fit & Proper Declaration
Technology Architecture and Escrow Account Documentation
Business Plan with Projected Transaction Volumes and Revenue Model

How it Works

Corporate and Net Worth Assessment (Week 1)

Verify company structure and net worth meet RBI PA guidelines thresholds.

Build Compliant Technology Platform (Months 1–6)

Develop or audit payment gateway platform for PCI-DSS compliance and data localisation.

Draft AML / KYC Merchant Onboarding Framework (Month 2–4)

Prepare comprehensive AML policy, merchant KYC procedures, and risk management framework.

Escrow Account with Scheduled Bank (Month 3–5)

Open and configure escrow account at a scheduled commercial bank for settlement.

Prepare and Submit RBI PA Application (Month 6)

Submit complete application package to RBI DPSS (Department of Payments and Settlement Systems).

RBI Scrutiny and CoA Issued (12–24 months)

RBI issues Certificate of Authorisation (CoA) upon satisfactory review of all compliances.

Frequently Asked Questions

What is the difference between a Payment Aggregator and a Payment Gateway?
A Payment Aggregator (PA) is a regulated entity that pools merchants onto its platform and settles payments to them. A Payment Gateway (PG) is a technology service that transmits payment data between merchant, acquirer, and card network. Both are regulated under RBI's PA-PG Guidelines 2020. PGs that do not touch customer funds or merchant settlement do not need RBI authorisation; PAs that hold funds in escrow and settle merchants do. Many entities operate both.
What is the escrow account requirement for Payment Aggregators?
RBI PA guidelines require all Payment Aggregators to maintain a designated escrow account with a scheduled commercial bank for settlement of merchant payments. Customer payment funds must be settled to merchants from this escrow only — no co-mingling with PA's own funds. Merchant settlement must happen within T+1 working days. MFiling helps structure the escrow arrangement as part of PA licence compliance.
Service Price
₹49,999
Starting price · GST extra
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Legal Authority to Collect Payments for Merchants
RBI licence is mandatory to operate a Payment Aggregator business in India.
Expanding Fintech Opportunity
India's digital payments market is the fastest growing globally — early licence is a competitive advantage.
Regulatory Credibility
RBI registration provides regulatory credibility for investors, banks, and borrowers.
Access to All Payment Instruments
Licensed PAs can integrate with all card networks, UPI, wallets, and net banking.

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Service Price
₹49,999
Starting price · GST extra

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