Zomato Payments has received RBI approval to operate as an online payment aggregator.
A certificate of authorization from the Reserve Bank of India has been received by Zomato Payments Pvt Ltd (ZPPL), a wholly-owned subsidiary of Zomato Limited, to operate as an online payment aggregator.
The central bank has allowed ZPPL to do business as payment aggregators and issuers of pre-paid payment instruments from January 24, 2024.
On August 4, 2021, the company had disclosed the incorporation of a wholly owned subsidiary ZPPL to conduct business as a payment aggregator and issuer of prepaid payment instruments.
In 2023, Zomato had joined hands with ICICI Bank to launch its own Unified Payments Interface (UPI) offering “Zomato UPI”.
This feature was introduced for select users and did not involve the KYC process.
This eliminated the need for users to navigate to other payment apps, such as Google Pay, Paytm, and PhonePe, while placing orders on Zomato.
This feature is a secure way to complete transactions and one can secure their account by adding a security PIN to it.
In early January, Tata Payments and Bengaluru-based identity verification startup DigiO had secured payment aggregator (PA) licenses from the RBI.
