Strict norms for payment aggregators

THE RBI on Tuesday issued revised guidelines for payment aggregators (PAs) to bolster consumer protection and combat fraud. These guidelines mandate a board-approved dispute resolution policy with refund timelines, robust data security, and fraud prevention systems.

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Under the updated framework, PAs that facilitate customer payments to merchants via various physical or virtual channels must implement a boardapproved dispute resolution policy defining the timelines for processing refunds, ensuring prompt and transparent redressal of payment-related grievances. To address growing risks of digital fraud, the RBI has man dated that PAs must put in place data security infrastruct