“ RBI’s Guideline on Payment Aggregator’s and Payment Gateway"

 ABSTRACT:

In today's world, online transactions are becoming increasingly significant. Payment aggregators and payment gateways are the means by which the Reserve Bank of India (the "RBI") decided to (a) regulate the activities of non-bank payment aggregators ("PAs") in their entirety and (b) offer payment gateways baseline recommendations related to technology on March 17, 2020, through the issuance of "Guidelines on Regulation of Payment Aggregators and Payment Gateways" ("PA Guidelines"). 

In this sense, non-bank PAs were required to follow the baseline technology-related guidelines. “Makes it easier for e-commerce sites and retailers to accept different payment methods from clients in order to fulfill their payment obligations” is how PAs and PGs are defined. 

This means that retailers won't have to create their own unique payment integration solution going forward. PAs promote communication between merchants and acquirers. After a predefined amount of time, the combined payments from customers are transmitted to the merchants.

This "technological infrastructure needed to process, route, and handle payments online without getting involved in the money handling" is supplied by PGs. Put another way, it serves as an example of the path because the phrase "gateway" implies that it provides a means of simplifying the procedure.

Keywords: RBI, Payment Aggregators, Payment Gateway, Guidelines, Online, Merchant.

OBJECTIVE:

1. In light of the rapid advancements in technology, the RBI has released guidelines regarding Payment Aggregators. These guidelines are essential for ensuring secure payment transactions.

2. By serving as a middleman between the consumer and the retailer, these enable online payments.

3. They are meant to control companies that manage payments and settlements for international online export/import transactions.

4. There isn't strong legislation specifically governing payment aggregators that can be governed by an act.

5. A breach of trust may occur in order to establish a fiduciary relationship.

HYPOTHESIS:

1. Trusting may lead to a breach of privacy as no stringent law is there.

2. As technology advances, customers will find it easier to defeat software that is open source and facilitates fraudulent transactions on the platform.

3. Since the platform functions as a non-banking platform, there are no restrictions on the type of transactions that can be made.

INTRODUCTION:

“It's your money, made simple- Google Pay, The Plastic Card That Pays-Credit Card; you have it; you just didn't know it. - Amazon Pay”. 

This system is called a payment aggregator.  Third-party service providers known as "payment aggregators"(also known as merchant aggregators) enable retailers to take consumer payments by incorporating them into their apps or websites. Essentially, it is a bridge that senses the distance between customers and sellers.

There are steps that must be taken in order to understand, such as:

Let's say someone has started a business, and it is expanding quickly. In order to obtain outside funding, the merchant cannot visit the bank to obtain access to funds, and it also becomes more difficult for customers. Payment Aggregators were created as a solution to the problem; they can provide you with a variety of payment options, including cards, net banking, UPI, Pay Later, and others, all under one roof. These are the businesses that serve as go-betweens for customers and merchants to enable online payments. These payment aggregators are established under the Companies Act 1956 / 2023.

There are many like this that are moving around our heads, and The concept is moving so rapidly. To address this, the Reserve Bank of India (RBI) published regulations in 2020 that are intended to regulate organizations that handle payment and settlement for online cross-border export/import transactions. Payment Aggregators (PAs) are companies that facilitate the online processing of domestic transactions, and they are covered by these regulations.

The RBI was given authority by the Banking Regulation Act of 1949 to establish guidelines and to address them. Considering the advancements in cross-border payments, the RBI's regulations seek to subject all organizations engaged in facilitating these transactions for the import and export of goods and services to direct RBI regulation. Accountants, PAs, and PAs-CB (Payment Aggregators for Cross-Border Transactions) are examples of Authorized Dealer (AD) banks. The RBI may update these instructions at any time. Organizations that process or settle cross-border payments for import and export activities must follow these guidelines.

GUIDELINES ON REGULATION OF PAYMENTS AGGREGATORS AND PAYMENT GATEWAY (PA GUIDELINES), 2020:

RBI has released guidelines to address it; according to the guidelines, PAs and PGs are described as organizations that “make it easier for e-commerce sites and retailers to accept different payment methods from clients in order to fulfill their payment obligations.” This eliminates the need for retailers to build their own independent payment integration system. PAs make it easier for merchants and acquirers to communicate. They receive consumer payments, aggregate them, and then, after a certain amount of time, send them to the merchants.

PGs are companies that offer the “technological infrastructure needed to process, route, and handle payments online without getting involved in the money handling. Put simply, it demonstrates the path because the word "gateway" implies that it provides a means of facilitating the procedure.” These recommendations were made as guidelines for Payment Gateways (PGs) and are mandatory for Payment Aggregators.

Certain recommendations have been made by RBI in the following ways

1. Entity Structure: In order to qualify as a non-bank PA, a company must be incorporated under the Companies Act and have the PA activity listed among its objectives.

2. Authorization: No additional authorization is required for banks operating as PAs. Before June 30, 2021, extant non-bank PAs must apply for authority under the Payment and Settlement Systems Act, 2007 (PSS Act). They will be permitted to continue operating until their request for authorization is approved or denied. Companies operating e-commerce marketplaces that offer PA services must separate their marketplace and PA operations and submit an application for authorization by June 30, 2021, at the latest.

3. Net worth: By March 31, 2021, and by March 31, 2023, current PAs must guarantee a net worth of INR 15 crores and INR 25 crores, respectively. When applying for a grant of authorization, new PAs must have a net worth of INR 15 crores, and by the end of their third financial year following the application, they must have a net worth of INR 25 crores. After that, a net worth of INR 25 crores must be maintained at all times. The guidelines also specify the elements that go into calculating net worth. The banks that look after the PAs' escrow and nodal accounts are required to report compliance with this requirement.

4. Governance: Professional management of PAs and the promoters' compliance with RBI's "fit and proper criteria" are prerequisites. A non-bank PA must notify the Chief General Manager (DPSS), RBI, of any takeover, acquisition of control, or change in management within 15 days. PAs, merchants, acquiring banks, and other stakeholders must all sign agreements that explicitly outline their respective roles and responsibilities with regard to returning policies, grievance redressal, handling complaints and unsuccessful transactions, handling disputes, etc.

5. Checks for merchant onboarding: Before onboarding a merchant, PAs must make sure they have a board-approved policy in place and conduct background checks. PAs will be in charge of making sure that the merchant's infrastructure does not store customer data and conforms with the PCI-DSS and PA-DSS data security standards. When it comes to the signing of an agreement, it becomes important for the merchants to take care of their privacy. Customer data privacy must be covered in agreements between PAs and merchants. All these things have to be done in good faith.

6. Settlement and Escrow: At any given time, non-bank PAs will hold the money they have collected in an escrow account with just one scheduled commercial bank. Under the PSS Act, PA operations will be considered "designated payment systems" for the purposes of maintaining the escrow account. The guidelines also specified the timeframes for settling with the merchant and the authorized credits and debits to the escrow account. The money in the escrow accounts should only be used to settle debts with merchants; it should not be mixed in with money from other companies that the PA manages.COD transactions should not be conducted through escrow accounts.

7. Application of other regulations: The RBI's KYC, anti-money laundering, and counterterrorism financing guidelines, as well as the provisions of the Prevention of Money Laundering Act of 2002, will be applicable to all PAs.The FDI Policy and FEMA provisions will be applicable to PAs that receive foreign investment.

8. Customer grievance redress and dispute resolution: The PAs must make sure that procedures are in place for handling complaints and that the dispute resolution process complies with RBI guidelines on the turnaround time for handling unsuccessful transactions. Information about inter alia merchant policies and customer complaints on the website or mobile applications must also be disclosed by the PAs.PAs must designate a nodal officer and post his information on their website who will be in charge of handling customer complaints and regulatory compliance.

9. Risk management and general rules: PAs are responsible for ensuring data security and information infrastructure, putting fraud prevention and detection mechanisms in place in compliance with the information security policy that has been approved by the board. The customer card credentials cannot be kept by PAs in their database or on a server that is accessible to any merchant. PAs will abide by the current guidelines regarding the Merchant Discount Rate. Banks would be in charge of setting these limits, even though PAs are not allowed to set restrictions on the amount of transactions made using any payment method. For card-not-present transactions, PAs can likewise not offer ATM PINs as a factor of authentication.

10. Technology-related recommendations: The RBI has also established guidelines that must be followed by the PAs and PGs' IT systems. These guidelines cover a variety of topics, such as data security standards, cyber security audits, information security, incident reporting, board-monitored IT governance, and data sovereignty. Although it is advised that PGs follow these guidelines, PAs are required to make sure that all technology-related guidelines are followed.

11. Observances:  The RBI has established forms for requesting authorization, obtaining a net-worth certificate, obtaining a director's undertaking, obtaining an auditor's certificate regarding the maintenance of an escrow account balance, and compiling monthly transaction statistics for PAs.

EXCEPTIONS:

1. These guidelines are not applicable to any transaction that is done in case mode.

2. By  June 30, 2021, at the latest, non-banking entities that are currently providing PA services must apply for authorization. They are permitted to carry on with their business activities until they hear back from RBI about the status of their application.

PAYMENT AGGREGATOR’S LICENSE:

Companies that offer payment services to merchants (online businesses or e-commerce firms) by accepting payment instruments from customers are required to obtain a license in order to set up the entity. As technology advances, so does related crime, and in the current situation, at least one family member has suffered due to online fraud for every family member. The PA guidelines were released by the RBI in March 2020 with the intention of protecting the interests of both citizens and businesses. The guidelines made it apparent that payment gateways need a license in order to recruit merchants and provide them with solutions for accepting digital payments.

After a predetermined amount of time, PAs manage the process of pooling customer funds and transferring them to merchants.

To meet RBI eligibility requirements and get "In-Principle authorization to act as a payment aggregator," a fintech company needs to have a net worth of Rs. 15 crores by March 2021, Rs. 25 crores by March 2023, and Rs. 25 crores continuously after that.

Every time we purchase new goods or engage in an activity that is entirely unfamiliar to us, we establish a fiduciary relationship with the other party. This relationship is built on specific criteria that are unique to us. For instance, we look for the Jaivik Bharat logo, the AGMARK, the veg and non-veg logo, etc., when we go to the grocery store and purchase food items. In a similar vein, we also need to confirm whether the platform is legally obligated when conducting an online transaction. In the process, the government certifies the transaction, creating a fiduciary trust between the buyer and the seller.

Payment Aggregators are companies registered under the Companies Act. Challenges were made to the guidelines, and in the process, the RBI passed guidelines that include numerous provisions that have caused payment aggregators and merchants to express concerns. The goal was to make the guidelines more stringent. One such clause, which might seriously impair online payments, forbids payment aggregators and gateways from keeping client debit and credit card information.  Previously, a 2009 circular that was less strict governed the same. The most recent one was contested, and the court determined that the RBI's victory validates the central bank's authority to enact such rules and gives it legitimacy when payment aggregators and gateways raise similar challenges in the future.

The Guidelines would impose periodic disclosure and reporting obligations on payment aggregators, such as yearly net worth certifications and monthly reporting of transactions processed through various payment methods, escrow account balance reporting on a quarterly basis, and information on credits and debits made to the escrow account. Payment aggregators need to have a merchant policy approved by the board. 

Certain things have been classified that must be kept in mind: onboarding, checking merchants' backgrounds and making sure they do not allow money to be transferred for the sale of phony, illegal, or counterfeit goods. Payment aggregators must make disclosures on their mobile and website applications with detailed information about the policies, client complaints, privacy statements, and additional merchant terms and conditions they bring aboard.

Payment aggregators would be subject to periodic disclosure and reporting requirements under the Guidelines, including annual net worth certifications, monthly reporting of transactions made using different payment methods, quarterly reporting of the balance of escrow accounts, and details on credits and debits made to the escrow account. The board must approve a merchant policy before payment aggregators can operate.

A few things have been labeled as important to remember, including the following: onboarding, background checks on merchants, and ensuring that money isn't transferred for the sale of illegitimate, counterfeit, or fake goods. Payment aggregators are required to provide comprehensive information about their policies, client complaints, privacy statements, and additional merchant terms and conditions on their websites and mobile applications.

It has several meanings, such as the following, which could result in the customer's assistance: A variety of payment options are provided by payment aggregators to their clients, simplifying the process of paying for goods and services.

Secure Payment Processing: To guarantee that transactions are safe and secure, payment aggregators employ cutting-edge security measures.

Fraud Detection and Prevention: To lower the risk of chargebacks and other payment disputes, payment aggregators employ machine learning and algorithms to detect and prevent fraud.

Payment Aggregators: By offering comprehensive reports on payment transactions, payment aggregators facilitate businesses' financial management and account reconciliation.

Integration with Other Systems: To expedite payments and facilitate the management of business operations, payment aggregators can integrate with a variety of other systems, including inventory management and accounting software.

Two categories of payment aggregators exist: 

1. Bank Payment Aggregators: it was recently reported that eCommerce sales are increasing at a never-before-seen pace. By 2026, e-commerce revenue is predicted to reach USD 8.1 trillion. In fact, India saw a 36% increase in eCommerce orders in the final quarter of 2023, even after the pandemic, and the country anticipates reaching USD 350 billion by 2030. This demonstrates the critical role that payment aggregators will play in eCommerce going forward.

The creative payment products offered by third-party PAs are what draw most businesses in. Additionally, they offer user-friendly features like a dashboard, easy onboarding, and dependable customer service. They are expensive to set up and challenging to integrate. They don't have comprehensive reporting features or many of the widely used payment methods. Bank payment aggregators, such as CCAvenue and Razorpay, are inappropriate for startups or small businesses due to their high costs.

2: Payment aggregator for third parties: These payment aggregators are more difficult to integrate and have higher setup costs. They do not offer a wide range of payment options. Additionally, there are no analytics or reporting features. Their initial cost may make them unsuitable for small and startup businesses. Large businesses that wish to collaborate with several service providers typically use bank payment aggregators. These days, third-party PAs are getting more and more popular because they provide businesses with creative payment solutions. They have an extensive dashboard, simple merchant onboarding, and prompt customer support, among other user-friendly features, such as Google Pay, Stripe, and PayPal.

2.1: To guarantee that these systems are contributing significantly in the following ways:

Paytm: "Do Paytm" is a well-known slogan that everyone knows when completing an online transaction; it is one of the top payment aggregators. Merchants can accept payments from customers via their mobile app or website thanks to their payment gateway. Paytm is a practical choice for physical stores since its QR code-based payments let retailers accept payments in person. Additionally, clients can make payments in a convenient and safe manner with the Paytm mobile wallet. In order to assist merchants in streamlining their financial operations, Paytm also provides a range of financial management tools, including transaction tracking and invoicing. Paytm, with its wide array of payment options, is a well-liked option for Indian businesses of all kinds.

In India, PayZapp is a well-known payment aggregator that provides companies with a variety of payment options. They also offer a mobile wallet, a payment gateway, and payments using QR codes. They also provide a number of tools for tracking transactions and handling money.

The QR code and, more recently, the pin that they request are the same common elements. With so many advancements, there are advantages as well as disadvantages. For instance, they have recently partially removed their PIN from one app. These could result in improper conduct towards customers and non-experts in the same field.

SPECIFIC CHARACTERISTICS:

1. Several Payment Gateways: Increase Client Confidence:

If a customer is unfamiliar with the PG brands, they might not feel comfortable completing the transaction. In fact, if users don't trust the website with their credit card information, an average of 69% of carts are abandoned. Consumers who have had success with PGs in the past tend to favor them. particularly because they confide in the PG with their private financial information; therefore, having multiple payment gateways can boost conversion rates and customer trust.

2. For contingency purposes:

Technical malfunctions could occur in digital transactions. Overloading sales may cause payment gateways to fail to process the payment. Customers may choose to buy that product from another seller in such circumstances. To prevent such situations, it is always preferable to have several payment gateways available on the merchant's website.

3. Improves Global Sales: 

According to reports, many consumers give up on their carts when they don't see their preferred payment method available on websites. Several currency options must be enabled on the checkout page in order to resolve this problem. 

An e-commerce website allows one to sell to anybody, anywhere in the world. But there is a problem with currency fluctuations. It might not be possible to process payments from multiple nations using a single payment gateway. To accept payments from customers who are located abroad, merchants must set up multiple payment gateways (PGs) on their platform. Expanding sales overseas enhances both the seller's reach and revenue.

In fact, India ranked in the top 10 nations for the growth of cross-border e-commerce in 2020. In the future, it is anticipated to grow faster. For example, CashfreePayments accepts more than 30 currencies. Customers can pay in these currencies if the merchant has submitted all required paperwork and received approval from the banking partners.

JUDICIARY ON PAYMENT AGGREGATORS: 

Since Tripura HC and others also recently implemented online court fee payment through e-payment in the High Court and District Courts, this technology is becoming widely accepted.

According to a study conducted by a start-up that was incubated by IIT Kanpur, 75% of cyber crimes in India from January 2020 to June 2023 will be committed online, proving that crime is always on the rise.

Recently, in the case of State Bank of India & Ors v. Rajesh Agarwal & Ors, it was held that- A 47-year-old Bengaluru entrepreneur won a case against two private banks in consumer court for a fraudulent hacking into his savings account, resulting in a loss of Rs 50,000. Despite reporting the incident, both banks failed to recover the funds. The court ordered the banks to jointly reimburse the entire sum and compensate the victim with Rs 25,000. An additional Rs 5,000 was awarded to cover court-related expenses. The incident occurred on August 27, 2018, when Satish TN received SMS notifications about three unauthorized transactions totaling Rs 50,000. The bank's legal representatives argued that the transactions were legitimate and the perpetrator was based in Manipur. The court ruled in favor of Satish, ordering the banks to jointly refund the entire amount and compensate him with Rs 25,000.

PayPal Payments Pvt. Ltd. (‘PayPal’) Vs. Financial Intelligence Unit India & Anr. PayPal, an Online Payment Gateway Service Provider (OPGSP), is a payment system operator that facilitates online transactions between Indian exporters and foreign buyers in India by offering technological infrastructure. In 2018, PayPal was requested to register as a reporting entity by the Financial Intelligence Unit - India (FIU). However, PayPal clarified that it is not a "reporting entity" because it does not run a payment system. In retaliation, the FIU designated PayPal as a reporting entity and levied fines for failing to adhere to the PMLA Act's and the 2005 Rules' requirements. 

The court concluded that the PSS Act does not appear to regulate or control online marketplaces such as OPGSPs. The court dismissed the pari materia argument, ruling that the PMLA's theme and ethos must be considered when determining the meaning assigned to the payment system. The court further held that the legislative intent behind the PSS Act is not the same as that of the PMLA, which is focused on preventing money laundering and hiding the source of proceeds from criminal activity.

The court came to the conclusion that in order to ensure that pertinent provisions are implemented effectively and to prevent the possibility of offenders slipping through the "meshes of the law," the definition of payment system under PMLA must be broadly construed and interpreted to include OPGSPs. 

Because the law was unclear, as evidenced by the RBI's affidavit in the Abhijit Mishra case, the court quashed the penalty imposed on PayPal.

The court's interpretation principle is consistent with several decisions made by the Hon'ble Supreme Court and is probably going to be used in a lot of cases down the road. One could argue that the court implied that information about the parties may not be fully captured in the event that the transactions are carried out through banking channels, but it is unclear whether and why the court made this distinction for intermediaries or OPGSPs offering UPI-based services.

These things exist, and in an effort to stop them, some recommendations have been made, including

1. Give the customer all the information.

2. Continually review bank information.

3. Keep your eyes on the transaction you are doing at all times.

4. When feasible, use biometric authentication.

5. Verify QR codes twice.

6. Exercise caution when using linked bank accounts.

7. Reusing passwords is not advised.

8. Use apps that you can rely on.

These are the few things that have to be taken into account.

RECENT AMENDMENTS: 

Recently, the RBI clarified a few points in the guidelines to secure customers' confidential information better. Specifically, as of January 1, 2022, no party in the card transaction or payment chain—aside from card issuers and/or card networks—shall store the CoF data or the actual debit card or credit card data. All previously stored data will be removed from there. As a result, neither the approved Payment Aggregators (PAs) nor the merchants they onboard are permitted to keep consumer card credentials on file on their server or database.

By September 30, 2022, all credit and debit card information that has been kept will be erased, and each time an online payment is made, all card information will need to be manually entered. To give you the same smooth payment experience as before, merchant authority will need your express consent to collaborate with your bank and card networks. Significant advancements have been noted in the generation of tokens. Even if it hasn't caught on with all types of retailers yet, transaction processing based on these tokens has started. Furthermore, the industry stakeholders have not yet adopted a backup system for transactions in which cardholders choose to manually enter their card information at the time of the transaction (also known as "guest checkout transactions").

Industry participants may create an alternative mechanism or mechanisms in addition to tokenization to handle any use case (such as recurring e-mandates, EMI option, etc.). or post-transaction activity that currently involves or necessitates the storage of CoF data by entities other than card issuers and card networks (such as chargeback processing, dispute settlement, reward/loyalty programs, etc.).

As an illustration: When making a purchase through the Amazon app, a user who has saved their card data on the platform must provide their CVV number and one-time password (OTP) for the transaction to be completed properly. However, starting in September, all information must be entered manually, including the card number, name, and expiration date, followed by the CVV and OTP. This precaution is designed to stop unwanted use of the card.

CONCLUSION:

Since the RBI announced the PA Guidelines on March 17, 2020, there have been a number of uncertainties regarding their applicability, and numerous parties have contacted the RBI to request explanations. The Notification is the first important public clarification that the RBI has released to address some of these ambiguities. These include the discontinuation of the Intermediary Directions, the timelines for compliance, the applicability of the PA Guidelines to marketplace e-commerce entities, and the exemption with regard to DvP transactions. 

To comply with the requirements of separating the payment aggregation business from the marketplace business and seeking authorization for the payment aggregation business, as provided under the PA Guidelines, it is still unclear whether the existing provisions of the PA Guidelines require e-commerce marketplaces providing PA services to establish an entirely separate entity which houses the PA business, or separate and then operate the two businesses within the same entity.

The PA Guidelines, read with the Notification, put a restriction on the storage of card-on-file data, which has seen substantial industry criticism. Since cards remain the most popular method of making online payments, participants in the industry have drawn attention to the second-order effects of this limitation on consumers, businesses, and India's whole digital payments ecosystem. First off, it will be inconvenient for customers to manually reenter all of their card information for every transaction, which will hinder the smoothness of their payment process. Second, because of greater consumer annoyance and a larger chance of transaction failure due to entry errors, online businesses may suffer a decline in their conversion success rate. 

These aggregators are becoming increasingly crucial in today's technological breakthroughs for the benefit of citizens. The RBI recently released guidelines in 2020 to address the issue of payment aggregators' substantial impact on online transactions. However, as crime rates rise, it is imperative to address these issues as well.

In the case of recurring payments for subscription-based services, retailers' incapacity to save card details may potentially have a detrimental effect on their ability to retain customers. Finally, the volume of API authentications that issuing banks will need to provide in order to execute each transaction raises the possibility of systemic failure risks, leaving the digital payments ecosystem open to any bank-level technological disruptions.

Due to cyber security concerns, the RBI is still dubious about retailers keeping consumer credit card information on file, and it seems that they would like to restrict who can access card-on-file information. Although "tokenization" is a long-term solution to strike a compromise between the ease of digital payments and data security concerns, the technology supporting it is still in its infancy in India, with ecosystem-level constraints. For this reason, tokenization will not become a fully functional technological substitute for card-on-file data until substantial investment and infrastructure development are made over time by a variety of stakeholders (including card network operators, banks, PAs, and merchants).

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