New Delhi, Sept. 17 -- When you swipe a credit card or make an online purchase, a series of transactions occurs in the background, involving banks, payment aggregators and merchants. The Reserve Bank of India has now issued final rules for various types of payment aggregators, including those for online, in-store, and cross-border transactions.

These new regulations, which are effective immediately, establish stricter criteria for eligibility and net worth, set up a unified licensing and reporting and compliance framework for PAs, and also introduce stronger requirements for governance, cybersecurity, and the onboarding of both customers and merchants. The overall goal of the RBI master circular is to enhance the security and transparenc...