Zomato on Thursday announced that it has received authorization by the Reserve Bank of India as an ‘Online Payment Aggregator’.
On Thursday, online food delivery platform Zomato announced that it has received authorization by the Reserve Bank of India as an ‘Online Payment Aggregator’.
Zomato Announces Its Permission For The Payment Aggregator
“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 with effect from January 24, 2024, as per the guidelines issued by the RBI,” Company said in an exchange filing.
Will Boost Company’s Financial Services
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.
Expanded Its Role Beyond Food Delivery
With this, Payments has expanded its role beyond food delivery and restaurant discovery into the realm of digital payments.
Apart from this recent development, Zomato had partnered with ICICI Bank last year to introduce its own unified payments interface (UPI) UPI.
Earlier this month, company introduced a new feature called “daily payouts” to support emerging restaurant partners.
Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company.