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      Question

      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?
      A An entity that acts as an intermediary to securely share financial data between individuals and various financial institutions Correct Answer Incorrect Answer
      B An entity that facilitates merchants to accept various digital payment instruments without requiring them to set up separate payment integration systems Correct Answer Incorrect Answer
      C An entity that facilitates lending institutions in acquiring aggregated payment history of the borrower to understand the spending pattern of borrower for ascertaining his/he credibility. Correct Answer Incorrect Answer
      D An entity that enables a customer to make various payments related to loans and investments through a single account Correct Answer Incorrect Answer
      E An entity that facilitates the payment of various recurring and utility bills of a customer in an aggregated manner from a single platform. Correct Answer Incorrect Answer

      Solution

      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).   

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