Team Blitz India
NEW DELHI: After releasing guidelines for online payment aggregators like Razorpayand Cashfree, the Reserve Bank of India drafted rules to regulate point-of-sale (POS) payment service providers (PA-P).
Companies like Innoviti Payments, Pine Labs and MSwipe will be brought under regulatory cover now.
The regulator said companies providing the service will need to apply for authorisation from the RBI by May 31, 2025.
In case they fail to get authorisation, they will have to cease these services, as per the draft rules.
Payment aggregators will have to inform the regulator about their intent to seek authorisation within 60 days from the date of issuance of formal guidelines, the RBI said.It directed banks to close non-bank PA-Ps by October 31, 2025, unless they provide evidence of applying to RBI for authorisation.
