{"id":332305,"date":"2024-10-03T09:00:45","date_gmt":"2024-10-03T03:30:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=332305"},"modified":"2024-10-03T09:12:48","modified_gmt":"2024-10-03T03:42:48","slug":"navigating-payment-aggregators-under-the-aegis-of-indias-payment-system-and-settlements-act-2007","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/10\/03\/navigating-payment-aggregators-under-the-aegis-of-indias-payment-system-and-settlements-act-2007\/","title":{"rendered":"Navigating Payment Aggregators under the Aegis of India’s Payment System and Settlements Act, 2007"},"content":{"rendered":"
\n

Introduction<\/h4>\n

Traditionally the mode of transferring money to someone else was to give cash, write cheques, however, due to the advent of technology, the mode for transferring money has gone through a humongous change.1<\/sup><\/a> One such way is Unified Payment Interface (UPI); it is a mechanism that allows individuals to transfer money, and make payments and others by just using applications.2<\/sup><\/a> Reserve Bank of India (RBI) has given National Payment Corporation of India (NPCI) the power to look into the UPI network, provides services and coordinates the system of UPI.3<\/sup><\/a> The NPCI is officially registered as a payment system provider under the Payment and Settlement Systems Act, 2007<\/a>4<\/sup><\/a> (hereinafter referred to as “the PSS Act”) it runs the UPI network, provides services, and coordinates the system.5<\/sup><\/a><\/p>\n

A system provider is needed to be approved by the RBI. The RBI looks at various things while deciding whether to accept the application, including the need for the planned system, the technical standards and design, the applicant’s financial situation, the bank’s policy on money and credit, consumer interest, and more.6<\/sup><\/a> If the application is turned down, the RBI must provide an opportunity to the other person for being heard and write the reason in writing for such rejection. The RBI has permitted several payment system operators to run payment systems in the country. NPCI which runs India’s retail payment and transfer systems, is one of these organisations.7<\/sup><\/a><\/p>\n

In 2006, it was thought necessary to pass a legislation that would give the RBI power to establish rules, processes, operational and technical standards for India’s payment systems. So, the PSS Act was passed by our Parliament. The Act provides that without the approval of RBI no one run a payment system. In addition to the PSS Act, PSS Regulations, 20088<\/sup><\/a> were made to govern and guide the ones running payment system, these regulations came into effect on 12-8-2008.<\/p>\n

The digital payments foundation was laid down in India by the NPCI in 2010 when it introduced the Immediate Payment Service (IMPS). IMPS allowed transactions from one account to another by using mobile devices.9<\/sup><\/a> Introducing IMPS does not change the digital payment market tremendously due to the lack of infrastructure dealing with IMPS. Other method was mobile banking, it is a service provided by banks in which consumers can transfer money by using an app provided by the banks. A significant turning point in the era of cash payment was when the Government of India in 2016 announced a moratorium on the 500 and 1000 banknotes. Consequently, the public has been compelled to adopt digital payments.10<\/sup><\/a> By a report11<\/sup><\/a> published in December 2016 online transactions amount to only 20% of all the transactions done. Over the years, the following institutional mechanisms have been brought in place to facilitate payments and settlements in India. RBI on the 16-3-2020 released a Circular that states that it is being notified to the general public that cashless transactions for buying goods and transferring funds are available therefore they can avoid social contact (this Circular was issued to mitigate the effects of Coronavirus Pandemic)12<\/sup><\/a>, it also includes transferring money via UPI.<\/p>\n

The situation regarding the rules and regulations governing Google Pay (GPay) and Paytm in India is not clear as of now. The objective of the Parliament behind enacting the PSS Act was to provide for regulation and supervision of payment systems in India or any matters connected with payment systems.13<\/sup><\/a> This Act has given the power to the Central Bank of India to give authorisation to the entity that wants to become a payment system provider. For any entity to be covered by the PSS Act, it has to qualify as a payment system provider.<\/p>\n

Section 2(i<\/span>) of the Act provides what a payment system means, it means that a system which allows one to make a payment between a payer and beneficiary<\/span>14<\/sup><\/a><\/p>\n

The application must be properly filled out and sent to the RBI with the needed documents.15<\/sup><\/a> The Act says that any organisation that runs payment systems or wants to set one up needs to ask for permission first. The PSS Act, 2007<\/a> says that anyone who uses a payment system without permission is breaking the law and can be punished under that law.<\/p>\n

For Google Pay, Paytm or any other apps that work as a facilitator in online payment to be held liable for any wrong under the Payment and Settlement Systems Act, they should qualify under Sections 2(i<\/span>) and (q<\/span>) of the Payment and Settlement Systems Act. If we go by the definition of payment system and apply the same to Google Pay and Paytm they would qualify as payment systems and they should be governed by the PSS Act but this proposition when challenged before courts, has taken an unexpected turn.<\/p>\n

In PayPal Payments (P) Ltd.<\/span> v. Financial Intelligence Unit India<\/span>16<\/sup><\/a>, this case was related to the Prevention of Money-Laundering Act, 2002<\/a>17<\/sup><\/a> (PMLA) but it is relevant for us, it raises an important point because the definition of payment system is same in both the PSS Act and PMLA. In this case the petitioner challenges order passed by Financial Intelligence Unit India. Payments (P) Ltd. case<\/span>18<\/sup><\/a> was held to be a reporting entity and payment system following the PMLA.<\/p>\n

The petitioner contended that they are only a facilitator platform and not a payment system. They relied on the RBI affidavit submitted in another case where the RBI has taken a stance of the petitioner not being operative or participating in a payment system and hence the PSS Act would not apply to the petitioner. The Court held that RBI and Union of India (UOI) are directed to take a clear stand on whether platforms such as the petitioner are considered payment systems and whether they would come under the purview of the PMLA. Additionally, the Ministry of Finance is being directed to constitute a Committee and clear the air regarding whether platforms such as the petitioner would be considered as payment system operators.<\/p>\n

In Abhijit Mishra<\/span> v. RBI<\/span>19<\/sup><\/a> a petition has been filed as public interest litigation (PIL) for directing the RBI to direct authorities to stop the functions of Google Pay India because GPay is unable to comply with the provisions of the PSS Act. GPay is performing the function of a payment system provider without obtaining valid authorisation from RBI as required by the PSS Act. It is submitted by the counsel of the RBI that GPay is only working as an application that is giving its services on a UPI platform and it is not a payment service provider (PSP). Additionally, it was submitted that GPay is neither a payment system nor a system provider and since they are not a system provider the requirement for authorisation under the PSS Act is not necessary. GPay according to the PSS Act is not a payment system provider therefore they were not been enlisted on the RBI website as a payment system.<\/p>\n

It was held by the Court that the GPay is not a payment system hence the authorisation required under the PSS Act is not necessary and it is only a mere third-party app providers (TPAPs). The TPAPs are guided by the guidelines issued by the NPCI and they have a binding effect on such TPAPs.<\/p>\n

Conclusion<\/h4>\n

The author concludes that the situation regarding the governance of third-party app providers in India is not conclusive, because it does not come within the ambit of the PSS Act. The RBI in one of the recent cases has hold that these third-party app providers are not governed by the RBI, this clears the air regarding whether they would be governed by the PSS Act but it also creates a doubt that who is the governing authority of the third-party app providers.<\/p>\n

The author would suggest that the RBI and the Ministry of Law clears the air on this point that who would be the governing authority if the third-party app providers commit any fraud.<\/p>\n<\/div>\n\n

*Student, National Law University Delhi. Author can be reached at: kandarp.dipankar20@nludelhi.ac.in.<\/a><\/span><\/strong><\/p>\n

1.<\/a> Helen Castell, “Digital Payments: Broadening the Appeal of Mobile Money”, 185 Spore<\/span>, 22-26 (jstor-org.nludelhi.remotexs.in, 2017).<\/p>\n

2.<\/a> Nayna Chakhiyar, Sahil Nathani and Shinki K. Pandey, “A Study on Consumers Perception Towards Digital Payment System in India and Various Factors Affecting its Growth”, (2022) 5 International Journal of Law Management & Humanities 1162.<\/p>\n

3.<\/a> Benchmarking India’s Payment Systems, Department of Payment and Settlement System Reserve Bank of India (rbi.org.in, July 2022).<\/p>\n

4.<\/a> Payment and Settlement Systems Act, 2007.<\/a><\/p>\n

5.<\/a> Payment and Settlement Systems Act, 2007, S. 6.<\/a><\/p>\n

6.<\/a> Payment and Settlement Systems Act, 2007, S. 7.<\/a><\/p>\n

7.<\/a> M.A. Rashid, Law Relating to Electronic Transfer of Money<\/span>.<\/p>\n

8.<\/a> Payment and Settlement Systems Regulations, 2008.<\/a><\/p>\n

9.<\/a> Ayush Mishra, “Immediate Payment Service: All That’s to Know About Instant Funds Transfer”, Business Standard<\/span> (business-standard.com, 23-4-2024).<\/p>\n

10.<\/a> Promoting Digital Payments and Transforming India into a Less-Cash Economy, Information Bulletin, Lok Sabha Secretariat Research and Information Division (loksabhadocs.nic.in, December 2017).<\/p>\n

11.<\/a> Ministry of Finance, Committee on Digital Payments, Medium Term Recommendations to Strengthen Digital Payments Ecosystem (dea.gov.in, 2016).<\/p>\n

12.<\/a> Press Release, “Availability of Digital Payment Options”, Reserve Bank of India (rbi.org.in, 16-3-2020).<\/p>\n

13.<\/a> Payment and Settlement Systems Act, 2007, Preamble.<\/a><\/p>\n

14.<\/a> Payment and Settlement Systems Act, 2007, S. 2(i).<\/a><\/p>\n

15.<\/a> Payment and Settlement Systems Regulations, 2008, R. 3(2).<\/a><\/p>\n

16.<\/a> 2021 SCC OnLine Del 59.<\/a><\/p>\n

17.<\/a> Prevention of Money-Laundering Act, 2002.<\/a><\/p>\n

18.<\/a> 2021 SCC OnLine Del 59.<\/a><\/p>\n

19.<\/a> 2023 SCC OnLine Del 5094.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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Based on Section 10 A of the Payment and Settlement Systems Act, 2000, any charge including the Merchant Discount Rate shall not\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900","width":350,"height":200,"srcset":"https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900 1x, https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900 1.5x, https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900 2x"},"classes":[]},{"id":367748,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/11\/26\/rbi-upi-tips-cross-border-payments-legal-news\/","url_meta":{"origin":332305,"position":2},"title":"RBI to Link UPI with Eurosystem’s TIPS for Faster Cross-Border Payments","author":"Kriti","date":"November 26, 2025","format":false,"excerpt":"RBI announced plans to interlink the Unified Payments Interface with the TARGET Instant Payment Settlement operated by the Eurosystem to enable seamless and cost-effective remittances between India and the Euro Area.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"UPI and TIPS cross-border payment interlinking","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/UPI-and-TIPS-cross-border-payment-interlinking.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/UPI-and-TIPS-cross-border-payment-interlinking.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/UPI-and-TIPS-cross-border-payment-interlinking.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/UPI-and-TIPS-cross-border-payment-interlinking.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":239016,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/11\/cci-pre-installation-prominence-of-google-pay-on-android-smartphones-detailed-investigation-against-google-for-alleged-contravention-of-s-4-of-competition-act\/","url_meta":{"origin":332305,"position":3},"title":"CCI | Pre-installation & Prominence of Google Pay on Android Smartphones: Detailed Investigation against Google for alleged contravention of S. 4 of Competition Act","author":"Bhumika Indulia","date":"November 11, 2020","format":false,"excerpt":"Competition Commission of India (CCI):\u00a0The Coram of Ashok Kumar Gupta (Chairperson) and Sangeeta Verma and Bhagwant Singh Bishnoi (Members), prima facie opined that alleged conduct on the part of Google merit detailed investigation. Present information was filed under Section 19(1)(a) of the Competition Act, 2002 by the XYZ -- Informant\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":230154,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/05\/28\/scba-writes-to-secretary-general-supreme-court-requesting-inclusion-of-rupay-card-and-upi-for-payment-of-court-fees\/","url_meta":{"origin":332305,"position":4},"title":"SCBA writes to Secretary General, Supreme Court, requesting inclusion of RuPay card and UPI for payment of court fees","author":"Bhumika Indulia","date":"May 28, 2020","format":false,"excerpt":"SCBA writes to Secretary General, Supreme Court, requesting inclusion of RuPay card and UPI for payment of court fees. 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It does not provide the facility\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":299772,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/21\/delhi-hc-dismisses-pil-to-cease-google-pays-operations-legal-news\/","url_meta":{"origin":332305,"position":5},"title":"\u2018Google Pay is a mere third-party app provider, no authorization required from RBI\u2019; Delhi HC dismisses PIL to cease Google Pay’s operations","author":"Simranjeet","date":"August 21, 2023","format":false,"excerpt":"\u201cA third-party app such as Google Pay obtains approval from National Payments Corporation of India (\u2018NPCI\u2019) for operating on the UPI platform and RBI has issued the Certificate of Authorisation to the NPCI to operate various retail payment systems in India including UPI.\u201d","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"delhi high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/332305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=332305"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/332305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/332311"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=332305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=332305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=332305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}