How to Get Payment Aggregator License in India?|License from RBI|Corpbiz

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A payment aggregator acts like a middleman between you (the customer) and the seller when you make a purchase online. Its job is to make sure your payment details are sent securely to the right places: the seller's bank, your bank, and the card network. This ensures that your transaction is safe and fast. Here's how it works:
1. You place an order and enter your payment details either on the seller's website or on the payment aggregator's page.
2. The payment aggregator gets your details, makes sure they're encrypted (which means they're scrambled up so no one else can read them), and sends them to the seller's bank.
3. Then, your details go to your bank, which checks if you have enough money to make the purchase.
4. Next, the card network (like Visa or Mastercard) checks everything is okay with the transaction.
5. Finally, your bank approves or declines the payment, and the message goes back to the seller's website to let you know if the transaction was successful or not.
What is a Payment Aggregator?
A Payment Aggregator is a service provider that facilitates electronic payment processing for merchants. They act as intermediaries between merchants and payment processors, consolidating transactions from multiple merchants into a single merchant account.
Understanding Transaction Discount Rate (TDR)
Transaction Discount Rate (TDR) refers to the fees charged to merchants for processing transactions. On average, merchants are charged 1-3% of the Transaction Discount Rate (MDR) per transaction. MDR is split among various entities involved in transaction processing:
• 0.35% to the card network
• 0.35% to the acquiring bank
• 0.20% to the payment gateway service provider
• 0.10% to the payment orchestration platform
For example, on a $1,000 purchase made with a Visa credit card, the merchant pays $3.50 to the card network, $2 to the payment gateway, $1 to the payment orchestration platform, and $3.50 to the acquiring bank. After deducting these fees, the merchant receives $990 out of the $1,000 paid by the customer.

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