RBI has granted approval to Zomato to function as an online payment aggregator

Business MInutes

The Reserve Bank of India (RBI) granted a payment aggregator (PA) license to a wholly-owned subsidiary of food delivery platform Zomato, the company announced in an exchange filling.  The move will allow Zomato Payment Private Limited (ZPPL) to facilitate e-commerce transactions through the platform which will come into effect from January 24, 2024. 

With this approval, the Deepinder Goyal-led platform has now joined the likes of Tata Pay, Razorpay and Cashfree in getting the much-awaited approval from India's central bank. The idea behind this move is to save merchant charges attached with the services ok key payment appications in India like Paytm, PhonePe and Google Pay. 

Last year, the Gurugram-headquartered company had collaborated with the private lender ICICI Bank to launch its own unified payment interface (UPI) named Zomato UPI. They have also tied up with RBL Bank to provide credit cards to users, a facility that was later rolled back.


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