The Reserve Bank of India should not limit its scope to payment aggregators and payment gateways but must cover all payment intermediaries, suggested NASSCOM in its submission to the central bank. It also said that RBI should continue to allow the e-commerce marketplaces to act as payment intermediaries, or it must allow 6 months to existing e-commerce marketplace (acting as payment aggregators and gateways to other merchants) to segregate the business. NASSCOM was replying to the RBI's discussion paper on guidelines for payment aggregators (PA) and payment gateways (PG). Creating guidelines that provide a tiered regulatory structure for payment aggregators and payment gateways, simplifying the KYC check system for PAs/PGs, and continuing the indirect regulatory approach, are among NAASCOM’s 12 recommendations to RBI. The key recommendations have been summarised below: Recommendation 1: Cover all the payment intermediaries for payment instructions.…
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