Zomato Payments Private Limited, a fully-owned subsidiary of the popular food delivery and restaurant discovery platform Zomato, has received authorization from the Reserve Bank of India (RBI) to operate as an ‘Online Payments Aggregator’.
What Happened? This significant development, effective from January 24, 2024, was announced in a recent exchange filing by Zomato.
This move marks Zomato’s expansion beyond its core services of food delivery and restaurant discovery, venturing into the digital payments sector.
The authorization aligns with Zomato’s strategic plan, initially disclosed on August 4, 2021, about the formation of Zomato Payments Private Limited. The subsidiary was established to engage in the business of payment aggregation and issuing pre-paid payment instruments, as per RBI guidelines.
In a related advancement last year, Zomato also partnered with ICICI Bank to launch its own Unified Payments Interface (UPI) service, named Zomato UPI. This feature, currently available to a select group of users, does not require a Know Your Customer (KYC) process. It is designed to simplify and streamline the payment process for orders placed on Zomato, enhancing the overall customer experience.
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