 "Zomato Payments gets RBI approval to operate as payment aggregator")
Zomato Payment Pvt Ltd (ZPPL), a wholly-owned subsidiary of Zomato Limited, has received approval from the Reserve Bank of India to operate as an online payment aggregator, according to an exchange filing made by the company on BSE on Friday. ZPPL's certificate for the authorisation is dated January 24 2024.
"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," the filing read.
The food delivery platform incorporated ZPPL in August 2021 with an initial subscription of 10,000 equity shares of Rs 10 each, aggregating to Rs 1,00,000. At the time, through an exchange filing, Zomato had stated that ZPPL had been incorporated as a wholly-owned subsidiary with the purpose of applying for payment aggregator authorisation.
Payment aggregators help e-commerce sites and merchants to accept different forms of payment instruments - such as credit cards, UPI, wallet payments, etc. - from the customers without the merchant having to create a separate payment integration system. They act as intermediaries between customers and merchants, making payments more seamless.
Last year, the company also launched a UPI service in partnership with ICICI Bank to allow users to make both merchant and peer-to-peer payments.
Shares of Zomato were trading at Rs 136 on the BSE index at 3:40 pm.