Zomato Payments, a wholly owned subsidiary of Zomato Limited, has achieved a significant milestone by receiving the certificate of authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The central bank’s approval, effective from January 24, 2024, allows Zomato Payments to conduct business as both a payment aggregator and issuer of pre-paid payment instruments.
The official filing by the food delivery platform stated, “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 a payment aggregator and issuer of pre-paid payment instruments, we wish to inform that ZPPL has been granted a certificate of authorization dated January 24, 2024, from the Reserve Bank of India (“RBI”) to operate as an ‘Online Payment Aggregator’ in India.”
Last year, Zomato collaborated with ICICI Bank to introduce its unified payments interface (UPI) offering, Zomato UPI. This feature, initially available to select users, streamlined the payment process for orders on Zomato by eliminating the need to use other payment apps like Google Pay, Paytm, and PhonePe. The company’s foray into online payment aggregation aligns with its commitment to enhancing user experience and expanding its service offerings in the digital payments domain.