Zomato secures RBI approval to operate as online payment aggregator
Established in August 2021, Zomato Payments Pvt Ltd was created to provide digital payment services, including wallets and payment gateway services.
Zomato Payments Pvt Ltd, a subsidiary of , has been granted a payment aggregator (PA) license from the (RBI). This authorisation will allow the company to carry ecommerce transactions through the platform.
The startup will operate as an online payment aggregator in India effective from January 24, 2024, aligning with the guidelines set forth by the RBI.
“Pursuant to our earlier disclosure dated August 4, 2021 regarding the incorporation of Zomato Payments Private Limited (“ZPPL”), a wholly owned subsidiary of Zomato Limited (“the Company”) to carry out the business, inter alia, as payment aggregator and issuer of pre-paid payment instruments, we wish to inform that ZPPL has been granted certificate of authorization dated January 24, 2024, from the Reserve Bank of India (“RBI”) to operate as an ‘Online Payment Aggregator’ in India,” said Zomato in an official filing.
The foodtech firm joins the likes of Enkash, Razorpay, and Tata Pay to gain the payment license.
Last year, Zomato became operational as a third-party application provider, offering payments through the Unified Payments Interface (UPI). The company collaborated with ICICI Bank to provide both merchant and peer-to-peer payments, as indicated on the National Payments Corporation of India's (NPCI) website.
Additionally, the Gurugram-based company introduced 'Daily Payouts,' allowing restaurant partners to access daily payments, boosting working capital requirements for eateries.
Established in August 2021, Zomato Payments Pvt Ltd (ZPPL) was created to provide digital payment services, including wallets and payment gateway services. The platform also features Zomato Pay, allowing users to make payments directly through the Zomato app at selected restaurants.
Edited by Kanishk Singh