Zomato Payments Private Limited (ZPPL), a wholly-owned subsidiary of Zomato Limited, has secured the Reserve Bank of India’s (RBI) approval to function as an online payment aggregator.
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According to a filing with the stock exchange, the food delivery platform has disclosed that the central bank has granted permission for it to function as a payment aggregator and issuer of pre-paid payment instruments, effective from January 24, 2024.
It may be noted that Zomato entered a partnership with ICICI Bank to launch its own unified payments interface (UPI) offering called Zomato UPI last year, simplifying transactions for users without the need for additional payment apps.
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In the official filing, Zomato said, “ZPPL has been granted a certificate of authorisation dated January 24, 2024, from the Reserve Bank of India to operate as an ‘Online Payment Aggregator’ in India.”
This move aligns Zomato Payments with other notable entities like Tata Pay, Razorpay, and Cashfree, which have also acquired the coveted payments license from the RBI.
This development is expected to bolster Zomato’s financial services arm, enabling the platform to offer integrated payment solutions to its users. The company’s foray into the payments sector aims to streamline transactions for its large customer base, enhancing the overall user experience.
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Zomato’s stock closed 0.18 per cent lower at Rs 136 on the Bombay Stock Exchange (BSE).
