Zomato Payments gets RBI nod to operate as online payment aggregator

Payments greenflag: Zomato Payments has received a nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. 

Zomato Payments, incorporated on August 4, 2021, has been granted an authorisation certificate from RBI to operate as a payment aggregator, the company informed exchanges.

“Pursuant to our earlier disclosure dated August 4, 2021 regarding the incorporation of Zomato Payments Private Limited (“ZPPL”), a wholly owned subsidiary of Zomato Limited (“the Company”) to carry out the business, inter alia, as payment aggregator and issuer of pre-paid payment instruments, 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 company stated.

The Gurugram-based food delivery company, which competes with Swiggy, reported a consolidated profit of Rs 36 crore for September 2023 (Q2FY24). Driven by strong revenue growth, the company reported an operational revenue of Rs 2,848 crore, as against Rs 1,661 crore in the same quarter a year ago.

The company had also launched a Unified Payments Interface (UPI) with ICICI Bank in May last year. Offered to select users, the inteface did not involve a KYC process and did not pose a need for using other payment aggregators like Paytm, PhonePe and Google Pay on its platform. 

Shares for the company closed 0.40 per cent lower at Rs 135.70 as on January 25.