CURRENT AFFAIRS

Detailed explanation-1: -PAs or Payment Aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers.

Detailed explanation-2: -A payment gateway is a software application that connects an online store or merchant to a payment processor, allowing the merchant to accept payment from a customer. Payment aggregators, on the other hand, are intermediaries that provide a single platform to connect multiple merchants to different payment processors.

Detailed explanation-3: -Online payment aggregators can onboard digital merchants and accept payments on their behalf after getting a licence from the RBI. The central bank introduced a framework for such entities in March 2020. Amazon, Google get RBI nod to be payment aggregators, Paytm application returned.

Detailed explanation-4: -Online payment aggregators are entities that on-board digital merchants and accept payments on their behalf after getting a licence by the banking regulator.

Detailed explanation-5: -Fintech unicorn BharatPe has received in principle approval from the Reserve Bank of India to operate as an online payment aggregator, joining fintech platforms such as Open, Infibeam, Cashfree, Paysharp and Worldline ePayments which already have such approvals in place.