Zomato Payments gets RBI approval to operate as a payment aggregator
- IBEF
- January 29, 2024
Zomato Payment Pvt Ltd (ZPPL), a fully owned subsidiary of Zomato Limited, has received approval from the Reserve Bank of India (RBI) to function as an online payment aggregator, as per an official filing with the Bombay Stock Exchange (BSE) on Friday. The certificate of authorization, granted on January 24, 2024, enables ZPPL to operate as an 'Online Payment Aggregator' under RBI guidelines. Established by the food delivery platform in August 2021, ZPPL, with an initial subscription of 10,000 equity shares of US$ 0.12 (Rs. 10) each, totalling US$ 1,203.43 (Rs. 1,00,000), was specifically incorporated to seek payment aggregator authorization, as outlined in a prior exchange filing.
Payment aggregators play a pivotal role in facilitating e-commerce transactions by enabling merchants to accept various payment instruments, including credit cards, UPI, and digital wallets, without necessitating a separate payment integration system. Acting as intermediaries between customers and merchants, payment aggregators streamline the payment process, providing a more seamless transaction experience.
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