Payment Aggregators in India-The Invisible Engine Behind Every Digital Transaction A Payment Aggregator is a regulated intermediary that sits between merchants (businesses accepting payments) and the banking/payment network. Unlike a payment gateway — which is purely a technology pipe — a PA actually holds a nodal/escrow account, collects funds from customers on behalf of merchants, and settles those funds to merchant accounts. https://www.corporateprofessionals.com/articles/payment-aggregators-in-india-the-invisible-engine-behind-every-digital-transaction/