The way we pay for things in our country has been changing a lot lately. More and more people are using digital and internet banking in India.
The Reserve Bank of India (RBI) has announced that they’re making big changes to internet banking.
They plan to launch an easier payment system by the end of the year. This means you won’t need a payment aggregator for these transactions anymore.
Right now, when you use internet banking, banks need a payment aggregator. It’s like a middleman between customers and businesses.
This can be a hassle because banks have to deal with different aggregators for each platform. But with the new RBI system, things will be simpler and transactions will be faster.
Problems for Business Owners
A payment aggregator is a third-party service that helps businesses accept online payments.
Banks have to connect with different payment aggregators for each platform, making things complicated. Sometimes, businesses also face delays in getting their payments.
Benefits for Business Owners
To fix these issues, the RBI is changing the rules. The RBI Governor, Shaktikanta Das, announced that NPCI Bharat Bill Pay Limited will start a new system.
This means businesses won’t need third-party payment aggregators anymore.
They plan to put this system in place during the current financial year. Das hopes this will make transactions faster for traders and increase trust in digital payments.
