Question
C onsider the following statements about Payment Aggregator-Cross Border (PA-C
- B : 1. They are first-party service providers that allow merchants to accept payments from customers 2. Recently RBI has brought under its direct regulation all entities facilitating cross-border payments for import and export of goods and services. 3. PAs-CB facilitates cross-border online payments for import and export of permissible goods and services Which of the above statement is/are not correct?
Solution
Payment Aggregator (PA) - (also known as a merchant aggregator) is a third-party service provider that allows merchants to accept payment from customers by integrating it into their websites or apps. Recently, RBI has brought under its direct regulation all entities facilitating cross-border payments for import and export of goods and services and termed them Payment Aggregator-Cross Border (PA-CB). PAs-CB facilitates cross-border online payments for import and export of permissible goods and services
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