The Reserve Bank of India under its regulatory framework has approved JP-Morgan-backed fintech company In-Solutions Global (ISG) to operate as a payment aggregator.
The approval further empowers ISG to streamline digital payments for merchants across various sectors, ensuring fast, secure, and reliable transactions while advancing financial inclusion. The company currently processes over 28 billion transactions annually, serving more than 70% of banks in India.
About Payment Aggregator (PA):
It is a third-party service provider that enables online payment by customers and acceptance of payments by businesses and e-commerce.
Incorporation: PA is a company incorporated in India under the Companies Act, 1956/2013.
Functions: They simplify payment process by collecting information, processing payments, handling refunds, fraud detection and prevention. They enable payments through debit cards, credit cards, NetBanking, UPI, e-wallets etc.
Mandatory Authorisation: Unlike Bank PAs, non-bank PAs require authorisation from RBI under the Payment and Settlement Systems Act, 2007.