Zomato Payments Gets RBI Nod For Payment Aggregator Business
Zomato Payments Pvt. has received the certificate of authorisation to operate as an online payment aggregator.
The wholly-owned subsidiary of Zomato Ltd. received the Reserve Bank of India's nod to carry out business as a payment aggregator, according to an exchange filing on Thursday.
The licence comes into effect on Jan. 24.
In February 2023, the RBI granted an in-principle nod to Zomato to operate as a payment aggregator. Back then, the firm received this approval along with several others like Pine Labs Pvt., Razorpay Software Pvt., Google Pay, Amazon (Pay) India and others.
The regulator introduced a payment aggregator framework in March 2020. It was made mandatory that payment gateways obtain a licence to acquire merchants and offer digital payment acceptance solutions.
The idea behind this RBI framework was to protect the interests of both customers and businesses in such a way that payment intermediaries follow standards in place.
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