RBI'S NEW NORM MADE E-COMMERCE FASTER
In what would make online commerce faster for customers, the Reserve Bank of India has mandated
that all payments for such transactions be credited directly to merchants, instead of getting cleared by
intermediaries such as CC Avenue and Paypal. Currently until a payment is authorized and processed
by intermediaries, a transaction is not completed. For instance, online retailers such as eBay do not ship goods purchased online unless funds are credited to their account, before being routed through an intermediary. CC Avenue, Bill Desk, Direct Pay, ICICI Pay Seal and Paypal are among major payment gateways in India.
that all payments for such transactions be credited directly to merchants, instead of getting cleared by
intermediaries such as CC Avenue and Paypal. Currently until a payment is authorized and processed
by intermediaries, a transaction is not completed. For instance, online retailers such as eBay do not ship goods purchased online unless funds are credited to their account, before being routed through an intermediary. CC Avenue, Bill Desk, Direct Pay, ICICI Pay Seal and Paypal are among major payment gateways in India.
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