In a significant move to fortify the integrity and security of India's rapidly expanding digital payments ecosystem, the Reserve Bank of India (RBI) has issued the "Regulation of Payment Aggregators Directions, 2025." Announced on September 15, 2025, these updated master directions consolidate and expand upon previous guidelines, introducing a more structured and rigorous framework for payment aggregators (PAs) operating within the country.
A Structured Classification of Payment Aggregators
One of the most notable aspects of the new directions is the formal categorization of payment aggregators into three distinct types:
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PA-O (Online): Entities facilitating e-commerce and remote payme
