Zomato Payment Pvt Ltd (ZPPL), a wholly-owned subsidiary of Zomato Limited, has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, the company said in an exchange filing on BSE on Thursday.
“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.
Notably, 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.
Zomato had stated that ZPPL had been incorporated as a wholly-owned subsidiary with the purpose of applying for payment aggregator authorisation.
The company had also launched a UPI service in partnership with ICICI bank last year to allow users to make both merchant and peer-to-peer payments.
Payment aggregators are the third-party service providers that allow merchants to accept payments from customers by integrating them into their websites or apps.
In other terms, payment aggregators bridge the gap between merchants and acquirers.
The shares of Zomato were trading in red at ₹136.00 when markets closed. The market cap of the company currently stands at ₹1,18,468 crore as per the BSE website.
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