India, Sept. 16 -- The Reserve Bank of India (RBI) on Monday (September 15) issued new master directions to regulate payment aggregators (PAs) in the country.

Called Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025, the rules create a single comprehensive framework for companies that handle digital transactions. The rules come into effect immediately.

The biggest takeaway from the new rules is the formal categorisation of payment aggregators into three distinct groups to regulate their specific activities:

PA-O (Online): Regulates aggregators facilitating ecommerce transactions and other online payments. Also defined as a transaction where the acceptance device and payment instrument aren't in proximity

PA-P ...