The payment system in the country has changed rapidly in the last few years. The dominance of digital banking and internet banking has increased in India. The Reserve Bank of India has announced that major changes will occur in the internet banking system, and the easy payment system will be launched by the end of the year. After these changes, payment aggregators will no longer be required for such transactions.
At present, while using Internet banking, banks require a payment aggregator. Because of this, they have to negotiate with different aggregators for each platform. An ‘aggregator’ is a third-party service provider that acts as a link between customers and businesses. Changes in the RBI system will greatly benefit business people and settle transactions quickly.
Businessman Faces Problems Due To Payment Aggregator
Payment aggregator is a third-party service provider that enables businesses to accept online payments from customers. In such a situation, banks must integrate with different payment aggregators for each platform, complicating this process. Apart from this, the business often delays receiving the payment amount.
Business People Will Benefit
RBI has decided to change the rules to overcome this problem of traders and banks. RBI Governor Shaktikanta Das has also said that NPCI Bharat Bill Pay Limited has been approved to start a system, so there is no need for a third-party payment aggregator (Merchant Payment). There is a plan to implement this system in the current financial year. Shaktikanta Das has expressed hope that this new system will settle the traders’ money transactions immediately, increasing the users’ trust in digital payments.
