Paytm-Phone Pay will get competition, Zomato gets payment aggregator license from RBI - Newztezz Online

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Thursday, January 25, 2024

Paytm-Phone Pay will get competition, Zomato gets payment aggregator license from RBI

Food-delivery platform Zomato said in a stock exchange filing on Thursday that it has received a license to do business as a payment aggregator and prepaid wallet issuer.

Food-delivery platform Zomato said in a stock exchange filing on Thursday that it has received a license to do business as a payment aggregator and prepaid wallet issuer. The Reserve Bank of India (RBI) has now given permission to Zomato to launch its payment system. This means that now this company will be able to start payment services like companies like Phone Pay and Paytm. Let us tell you that the company was trying for this for a long time. Now he has got success.

The company started in 2021 itself

Let us tell you that Zomato will provide this service through its wholly owned subsidiary Zomato Payments Private Limited (ZPPL). The company says that it started the payment aggregator business on August 4, 2021. Let us tell you that last year, listed foodtech startup Zomato had reportedly closed its UPI payment vertical, Zomato UPI, for new users. According to an ET report in July 2023, the company had partnered with ICICI Bank to provide UPI payment service. He did not have a license then. Now he has got his own license approved by RBI.

Reports from September 2022 revealed that both Zomato and Swiggy were planning to launch their own UPI offerings for digital payments on their platforms. According to a report by Economic Times, e-tailer platform Flipkart had also started working on its UPI offering. Both Zomato and Flipkart aim to provide a better user experience through their own UPI offerings.


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