RBI granted i n- p rinciple Payment Aggregator l icence to Paytm . Which of the follow i ng is the correct description of a Payment A ggregator?

P ayment A ggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. PAs facilitate merchants to connect with acquirers. In the process, they receive payments from customers, pool and transfer them on to the merchants after a time period .   Reserve Bank of India (RBI) regulates Payment Aggregators (PAs) through the Payment and Settlement Systems Act (2007).