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RBI should cover all payment intermediaries for payment instructions: NASSCOM

payments, digital payments

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. RBI should not limit its scope to PAs/PGs in its discussion paper and should use the following four categories for the purposes of its proposed framework: Banks acting as payment intermediaries Non-banks payment intermediaries having nodal accounts with banks Non-banks payment intermediaries operating without nodal accounts, but in partnership with banks Third-party apps/platforms (WhatsApp, G-Pay, etc.) that provide payment services using platforms (Unified Payments Interface, Immediate Payment Service) operated by retail payment organisations (such as National Payments Corporation of India, in partnership with banks) Recommendation 2: Create guidelines that provide a tiered regulatory structure. The regulator should form a tiered regulatory structure such as category 1 and category 2 for…

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