Zomato Payments gets RBI authorisation to operate as online payment aggregator

Online food delivery firm Zomato on Thursday said its subsidiary Zomato Payments Pvt Ltd (ZPPL) has received authorisation from RBI to operate as an online payment aggregator.

The company had disclosed on August 4, 2021 about the incorporation of ZPPL, a wholly-owned subsidiary, to carry out the business as a payment aggregator and issuer of pre-paid payment instruments.

"We wish to inform that ZPPL has been granted certificate of authorisation 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," Zomato said in a regulatory filing.

Zomato forged a partnership with ICICI Bank last year to introduce Zomato Pay, its own Unified Payments Interface offering.

This strategic move aimed to decrease reliance on external payment apps such as Google Pay, PhonePe, and Paytm, enabling Zomato to cut down on merchant charges associated with third-party transactions.