Speaking at the event, he said the regulator intends to authorize online payment aggregators under a unified license, eliminating the need for separate applications for offline operations.
“We understand that the distinction between physical and online spaces is becoming increasingly blurred,” Vijayakumar said. “To address this issue, we are moving towards a uniform licensing for payment aggregators, ensuring that they can operate seamlessly in both domains.”
Vijayakumar said security is important in payment transactions and remains a primary concern for the RBI.
“Innovation by merchants and payment service providers is encouraged, but it is critical that they adhere to the principles of customer assurance and transaction authentication from the outset,” he said.
Vijayakumar spoke about the need to integrate Aadhaar-enabled payment systems (AePS) with existing point-of-sale (POS) machines to help financial inclusion in rural areas, which could reduce costs and increase business transactions. He talked about allowing transactions without internet access, which could provide an alternative in areas with poor connectivity or during network outages.
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