The Reserve Bank of India (RBI) is set to streamline the licensing process for payment aggregators, aiming to integrate the requirements for both online and offline entities. K. Vijayakumar, General Manager of the Department of Payment and Settlement Systems (DPSS) at RBI, revealed this strategic shift during a session at the Global Fintech Fest.
Vijayakumar emphasized that the RBI plans to introduce a unified license for online payment aggregators, eliminating the necessity for separate applications for offline activities. “The distinction between physical and online spaces is increasingly fading,” he noted. “We are moving towards a uniform license for payment aggregators, ensuring they can operate seamlessly across both domains.”
He also underscored the RBI’s unwavering focus on security in payment transactions, stressing that while innovation is encouraged, it must align with customer assurance and transaction authentication standards from the outset.
In addition, Vijayakumar highlighted the need to integrate Aadhaar-enabled Payment Systems (AePS) with existing Point of Sale (POS) machines to bolster machines to bolster financial inclusion in rural areas. This integration could reduce operational costs and increase the volume of merchant transactions.
He also mentioned the possibility of enabling transactions without internet access, offering a crucial alternative in areas with poor connectivity or during network disruptions.
