Zomato received a payment aggregator license from RBI

Last year, the food business mammoth tied up an agreement with ICICI Bank to launch its own Unified Payments Interface[UPI] offering Zomato pay.

Zomato received a payment aggregator license from RBI

Online Food delivery partner Zomato has been granted a payment aggregator license by regulating authority RBI to its subsidiary Zomato Payments Private Limited. The approval is considered to impact the e-commerce transactions through its platform.

The move is aimed to alleviate the third-party dependency on payment criteria like Google Pay, Phone Pe, and Paytm for facilitating transactions and saving merchants charges additionally. Zomato in August 2021 disclosed that its wholly-owned subsidiary, Zomato Payments Private Limited was formed to carry out the business as a payment aggregator and issuer of pre-paid payment instruments.

Read Also : HPCL and Oil India sign MoU to explore energy sector

The authorization would significantly add the firm to the list of Tata-Pay and Razorpay, gaining the license to operate as an online payment aggregator.

Last year, the food business mammoth tied up an agreement with ICICI Bank to launch its own Unified Payments Interface[UPI] offering Zomato pay. The share pricing of the food delivery firm is up by 2.90% at 143.40 per share as of the morning stock session.

Read Also : RBI launches three major initiatives