RBI's 2025 guidelines classify payment aggregators, exempt banks, and require non‑banks ₹15 cr initial net‑worth by the year.

• Three categories: PA‑P for physical, PA‑CB for cross‑border, and PA‑O for online aggregators as per RBI.
• Banks can operate PA services without authorization, simplifying their entry into the payment aggregation market today.
• Non‑banks must hold ₹15 cr net‑worth at application, reaching ₹25 cr by the third year of the authorization deadline.