As per the Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025, payments aggregators are categorised into three categories as per the work they undertake.
These categories include PA-P for physical PAs; PA-CB for cross-border and PA-O for online PAs, as per the directions.
A bank does not require authorisation to carry out PA business, while for non-banks, the RBI has set specific capital requirements.
An entity…

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