A Case Study Of Indian Payment Aggregators’ Regime

Kartikeya Amitabh Mishra, National Law University, Jodhpur

Astha Samanta, National Law University, Jodhpur

ABSTRACT

Payment aggregators have become an inviolable part of the Indian digital payment revolution. Owing to an increase in digital payments within India; regulation of payment aggregators has become necessary. RBI has recently notified two draft circulars in April 2024 for the regulation of payments aggregators in India and sought public comments on the same. The objective of this research assignment is to critically analyse the viability of the current payment aggregator regime. The author has adopted a comparative approach to critically evaluate the efficacy of the Indian Payment Aggregator Regime. The author has also critically evaluated the policy implications of the draft circulars on the current Indian payment aggregator regime in order to ascertain their suitability and suggest changes that would improve their viability.