India: Reserve Bank Publishes Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators

The Reserve Bank of India (RBI) has published a discussion paper on guidelines for payment gateways and payment aggregators, which takes a look at the activities of payment gateways and payment aggregators and introduces various options for their regulation. 

Owing to the significant changes to payment systems in India in the last decade, the RBI notes that the time has come to review the extant instructions/guidelines issued in November 2009 to facilitate innovation, fintech and e-commerce activities, and assess whether a regime of direct regulation is warranted. 

This paper describes payment gateways and payment aggregators as entities who:

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