India: Master direction on regulation of payment aggregators, including compliance deadline for payment aggregator authorisation entered into force

On 31 December 2025, the Master direction on regulation of payment aggregators entered into force, including the compliance deadline for payment aggregator (PA) authorisation entered into force. Entities holding applications for PA–online or PA–cross-border authorisation are required to declare any existing PA–physical business. Entities currently operating solely in PA–physical business are required to apply for authorisation by this date.