Payment Aggregator

A company that receives customers' payments, holds them for a short time and then settles them with merchants.

Definition

RBI-licensed intermediary that collects money for merchants – A company that receives customers' payments, holds them for a short time and then settles them with merchants. Under the Reserve Bank of India's rules the funds sit in an escrow account», and the aggregator owes the merchants that money, which shows up as a large payable on its balance sheet. Found In: Notes on financial assets and liabilities, regulatory disclosures