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What we will do
Form a registered company as the first step toward payment aggregator license registration.
Draft a detailed plan covering payment flow, risk management, IT systems, and compliance.
Ensure a minimum net worth of ?15 crores, rising to ?25 crores within 3 years.
Prepare and file all RBI-specified documents and application forms with our experts.
RBI reviews your financial soundness, technical capabilities, and governance structure.
Once approved, RBI grants the Payment Aggregator License officially.
Are you looking for professional assistance to obtain a Payment Aggregator License in India? DrNBFC is here to help you with end-to-end Payment Aggregator License Registration.
A payment aggregator is a third-party service provider that enables businesses to accept and customers to make digital payments. It supports multiple payment options such as debit cards, credit cards, UPI, bank transfers, cardless EMIs, digital wallets, and e-mandates.
In simple terms, it acts as a middleman for digital payments. To legally operate in India, you must obtain a license from the Reserve Bank of India (RBI), the regulatory body that authorizes payment aggregator business operations.
Once licensed, you can onboard merchants, whether a local shop or an online store, by providing them with tools like QR codes to accept payments. The payment aggregator then securely holds and transfers the collected money to the merchant’s bank account, ensuring safe and seamless transactions. Worried about the roadblocks in the way of obtaining a payment aggregator license? Relax, we will get the license on your behalf and grow your business in the fintech industry.
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A Payment Aggregator License holder enjoys several advantages that make it a preferred choice for both businesses and consumers:
You can apply for a Payment Aggregator License in India with DrNBFC, where our team of experts ensures full RBI compliance, helps you avoid penalties, and supports you in securely launching digital payment solutions.
A payment aggregator is a third-party platform that enables businesses to accept payments through multiple methods, including debit cards, credit cards, UPI, digital wallets, and bank transfers. However, before offering these services, businesses must first obtain a payment aggregator license from the Reserve Bank of India (RBI), which authorizes them to onboard merchants and provide the necessary tools to accept and manage digital payments.
Before filing an application with the RBI, the applicant must understand the legal and regulatory framework set by the Reserve Bank of India. This includes the Master Directions for Payment Aggregators, covering eligibility criteria, capital requirements, operational guidelines, and other compliance obligations.
The applicant should incorporate a company under the Companies Act, 2013, with at least 2 directors and 2 shareholders. Don’t forget to obtain the Certificate of Incorporation (COI) from the Registrar of Companies (ROC) as proof.
The applicant company for payment aggregator license must have a minimum net worth of INR 15 crores, which should be increased to INR 25 crores within three years from the date of obtaining the Payment Aggregator License RBI.
Applicants must submit Form A as prescribed by the RBI, providing details of the company, directors, shareholders, business plan, and other relevant information.
Complete the application submission by paying the requisite application fees as specified by the RBI for obtaining RBI payment aggregator license.
After successful submission, applicants should maintain regular communication with the RBI to respond to queries or requests for additional information. Cooperating fully during inspections, due diligence, and verification helps avoid unnecessary delays in processing.
Once the application is thoroughly evaluated and all requirements are met, the RBI will issue the Payment Aggregator License accordingly.
Not able to find the right NBFC registration consultants yet? DrNBFC is here to deliver end-to-end NBFC registration solutions & quick processing.
DrNBFC’s expert guidance helps you become a part of the dynamic financial ecosystem, where NBFCs capture a 41% share in the microfinance sector of India.
| Feature | Payment Aggregator | Payment Gateway |
|---|---|---|
| Function | It collects payments on behalf of multiple merchants | It transfers payment data securely between parties |
| Merchant Account Needed Role | Individually not required for each business. | Needs to open a separate dedicated merchant account with an acquiring bank. |
| Regulation | Onboards merchants, settles payment and provides infra | Acts as a tech interface in order to process transactions |
| Regulations | Requires obtaining a license from the RBI (Reserve Bank of India) | No separate license from RBI is required but must comply with IT Act, PCI-DSS and RBI advisories |
| Examples of the Activities | Collection of payments, settlement of funds and merchant KYC | Encrypting data, card info verification and transaction routing |
| Examples | Razorpay, Cashfree, Paytm Payment Gateway | CCAvenue, BillDesk, PayU |
Only companies registered under the Companies Act, 2013, are eligible to apply for a Payment Aggregator License, while proprietorships and partnership firms are not permitted.
The applicant company must maintain a minimum net worth of INR 15 crore at the time of submitting the application, which should be increased to INR 25 crore within three years of receiving the payment aggregator license registration.
The company’s directors and promoters must be fit and proper persons, meaning they should have a clean track record, no criminal proceedings against them, and must be financially stable.
Applicants are required to have a secure and reliable IT system capable of processing online payments while complying with RBI’s cybersecurity standards and data protection regulations.
A clear and well-structured business plan is essential, outlining the company’s strategy and model for handling online payments efficiently and securely.
In accordance with the RBI Act, 1934 and Companies Act, 2013, companies are mandated to comply with the following checklist for NBFC incorporation in India.
A payment aggregator must comply with all RBI guidelines and maintain regular filing of compliance reports. It is mandatory to appoint a grievance redressal officer responsible for addressing customer complaints and ensuring KYC and AML verification during merchant onboarding.
For secure handling of transactions and customer data, the payment aggregator must obtain PCI-DSS certification, follow data localization norms, and conduct regular Vulnerability Assessment and Penetration Testing (VAPT). It must also ensure encryption and tokenization of sensitive customer information to maintain data security and prevent breaches.
The payment aggregator must maintain a nodal account as per RBI guidelines and establish a robust grievance redressal mechanism for resolving customer issues. A sound risk management framework must be implemented to identify and prevent potential fraud. These operational compliances help maintain financial discipline, customer trust, and overall business stability.
The list of documents required for Payment Aggregator License RBI is as follows-
The list of post payment aggregator license registration requirements is as follows:
Payment Aggregators must report security incidents to the regulatory authorities in line with the prescribed guidelines. This ensures that prompt action can be taken to investigate and resolve any security breaches.
An annual report should be prepared thoroughly as per the regulatory compliance, ensure accuracy, completeness and timely submission of reports.
Set up a nodal and escrow accounts with the scheduled commercial banks also need to obtain an auditor's certificate on the escrow balance report.
Always maintain records of customer identification and other relevant documents. Ensure registration for KYC and AML to prevent potential money laundering and fraud in the payment structure. Regular training on KYC and AML procedures should be provided to all employees.
Effective fraud monitoring and prevention mechanisms should be in place to quickly detect and prevent fraudulent activities. Continuous monitoring is essential to safeguard against potential threats.
Regular reviews and updates of access controls and user authentication protocols are crucial. These measures help mitigate unauthorized access and enhance the overall security of customer data.
Periodic training sessions should be conducted for employees to keep them informed about the latest security practices. This helps maintain a high level of vigilance and strengthens overall security awareness.
A well-defined business continuity and disaster recovery plan must be in place to deal with unforeseen events. This reduces service disruptions and ensures the continued availability of critical operations.
Outline a strategy for reducing disruptions and unforeseen events or incidents such as security incident reporting to regulatory authorities and compliance with all security incident reporting requirements.
A nodal officer should be nominated to take responsibility for addressing client complaints and redressal, as well as to monitor and promptly resolve customer issues.
The different types of online payment aggregator licenses are as follows:
A bank payment aggregator is a service offered directly by a bank that enables businesses to accept multiple online payment methods. Since the bank is already registered with the Reserve Bank of India (RBI), no separate RBI approval is required. However, the setup involves high costs, significant time, and technical integration efforts. Due to the heavy investment and limited features, this option is more suitable for large companies.
A third-party payment aggregator refers to a non-banking company that must obtain an RBI payment aggregator license. Setting up this type of payment system is generally easier, faster, and more affordable than with banks. With lower fees, it is an attractive choice for small businesses and startups. Additionally, third-party aggregators often provide extra features such as analytics dashboards and easy management of sub-accounts.
The list of features of the payment aggregator license is as follows:
Payment aggregators facilitate the onboarding of multiple merchants onto their platform after completing thorough due diligence and KYC verification.
The RBI payment aggregator license ensures secure and efficient processing of digital transactions by adhering to encryption standards such as PCI-DSS and PA-DSS.
Advanced fraud detection systems and risk management tools are implemented to identify and protect against suspicious and fraudulent transactions.
The platform offers a wide range of payment solutions, including UPI, net banking, and EMI options.
The following entities or Organisations require a payment aggregator license from RBI:
DrNBFC is India’s trusted NBFC consulting and compliance management company. 99 out of 100 fintech entrepreneurs, startups, and businesses trust us for obtaining RBI services, compliance management, and regulatory solutions. Our experts also assist in getting a payment gateway license. Given below are the reasons why we are the ultimate choice for the RBI Payment Aggregator License in India–
A payment aggregator is a service provider that enables merchants to accept payments from customers through various modes of transactions. It allows businesses to fulfil their payment obligations without having to build and manage their own separate payment integration system.
A Payment Aggregator collects and settles payments for multiple merchants without the need for individual merchant accounts and requires an RBI license, with examples like Razorpay, Cashfree, and Paytm.
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