Zomato receives RBI approval for payment aggregator license in India
The Reserve Bank of India (RBI) has given Zomato Payments Private Limited, a subsidiary of food delivery giant Zomato, the green light to operate as a payment aggregator (PA) in the country. This authorization allows Zomato to streamline e-commerce transactions on its platform. In an official statement, Zomato announced, "ZPPL has been granted the certificate of authorization dated January 24, 2024, from RBI to operate as a payment aggregator in India."
Zomato joins Tata Pay, Razorpay, Cashfree in securing PA license
With this approval, Zomato joins the ranks of other payment aggregators like Tata Pay, Razorpay, and Cashfree, who have also secured the coveted payments license. Payment aggregators make it easier for e-commerce websites, merchants, and mobile apps, to accept various payment methods from customers without having to create their own payment interface. The RBI requires payment gateways to obtain an aggregator license to provide digital payment acceptance solutions.
Zomato Pay reduces dependency on third-party payment apps
In 2021, Zomato partnered with ICICI Bank to introduce its own Unified Payments Interface (UPI) service called Zomato Pay. This initiative aimed to reduce reliance on third-party payment apps like PhonePe, Google Pay, and Paytm, and cut down on merchant charges associated with these platforms. Customers can use Zomato Pay for online grocery and food orders on Blinkit and Zomato, as well as pay at select restaurants listed on Zomato using cards, net banking, and UPI.
A look at Zomato's stock prices
Today on the National Stock Exchange (NSE), Zomato opened at Rs. 135.90 per share, and closed at Rs. 135.40. It is down 0.59% compared to yesterday. Zomato has a market cap of Rs. 1.17 lakh crore. Meanwhile, on the Bombay Stock Exchange (BSE), it opened at Rs. 135.70 and closed at Rs. 136 (down 0.18% than yesterday).
