Zomato Payments Gets RBI Nod For Payment Aggregator Business
The licence comes into effect from Jan. 24.
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.
