RBI issues draft guidelines on payment aggregators
On KYC and due diligence, the draft said the payment aggregators should undertake due diligence of merchants onboarded by them in accordance with Customer Due Diligence (CDD) prescribed in Master Directions on Know Your Customer (MD-KYC), 2016.
The payments ecosystem in India includes online PAs and PAs, which facilitate face-to-face/proximity payment transactions.