PAs 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 also facilitate merchants to connect with acquirers. In the process, they receive payments from customers, pool, and transfer them on to the merchants after a particular time period. Non-bank PAs shall require authorization from RBI under the Payment and Settlement Systems Act, 2007 (PSSA).
Thus, PAs are intermediaries play an important function in facilitating payments in the online space.
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