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Some degree of harmonisation would be required to level the playing field between traditional and new-age payment aggregators. Banks have been doing the job for a while now under strict supervision. Nimbler fintechs that want to go up against these giants will have to share some of the compliance burden.
The RBI said for the purpose of disseminating information and ensuring greater transparency, the list of entities that have submitted applications to RBI seeking authorisation to act as online PAs with the current status of their application as of February 15, 2023, is published.
Applications of 18 existing payment aggregators, including Bhartipay and PhonePe, are under process, the RBI said.