New Delhi, January 25 – Zomato, the popular online food delivery platform, has received a certificate of authorisation from the Reserve Bank of India (RBI) to operate as an ‘Online Payment Aggregator’. The certificate, granted to Zomato Payments Private Limited (ZPPL), came into effect on January 24, expanding the company’s role into the realm of digital payments.
In an exchange filing, Zomato stated, We wish to inform that ZPPL has been granted a certificate of authorisation dated January 24, 2024, from the RBI to operate as an ‘Online Payment Aggregator’ in India with effect from January 24, 2024, as per the guidelines issued by the RBI.
This development marks Zomato’s entry into the digital payments sector, further diversifying its services beyond food delivery and restaurant discovery. The company had previously partnered with ICICI Bank to introduce its own unified payments interface (UPI), Zomato UPI.
The announcement comes shortly after Zomato introduced a new feature called daily payouts to support emerging restaurant partners. The feature, currently available for restaurant partners receiving 100 or fewer orders a month, offers more frequent access to earnings, addressing financial challenges faced by smaller eateries.
Zomato’s foray into the digital payments market reflects its commitment to providing a seamless experience for customers and enabling greater convenience in the food delivery ecosystem. This move also positions the company to compete with other established online payment aggregators in India.
As Zomato continues to expand its services and offerings, it aims to position itself as a comprehensive platform that caters to various needs within the food industry. With its strong foothold in the Indian market, Zomato is well-positioned to capitalize on the growing demand for digital payment solutions.
Experts believe that Zomato’s entry into the online payment aggregator space will contribute to the overall growth of the digital payments sector in India, which has experienced significant expansion in recent years.
As more consumers embrace the convenience and security offered by digital payments, Zomato’s move to become an online payment aggregator reinforces its commitment to staying ahead of evolving market trends.
With the certificate of authorisation from the RBI in place, Zomato is poised to drive innovation and redefine the digital payment landscape in India. By integrating digital payments into its platform, Zomato aims to enhance the overall user experience and solidify its position as a leading player in the online food delivery industry.
As Zomato continues to expand its services and explore new avenues, users can expect more seamless transactions and an enhanced dining experience. The future looks promising for Zomato as it strengthens its position as a technology-driven company in the ever-evolving food and payments industry.
Zomato’s entry into the digital payments sector is aligned with the broader trend of technology companies venturing into the realm of financial services. This expansion is set to reshape the industry and propel India’s digital economy to new heights.
As Zomato embarks on this transformative journey, it remains focused on delivering exceptional services to its customers, while also driving innovation and fostering mutually beneficial partnerships within the digital payments ecosystem. The company’s strategic moves are geared towards creating a user-centric platform that caters to diverse needs and sets new benchmarks in the industry.
Zomato’s entry into digital payments is a testament to its commitment to being at the forefront of industry trends and leveraging technology to revolutionize the way people dine and transact. With the backing of the RBI, Zomato is well-positioned to navigate the complexities of the digital payments landscape and shape the future of online food delivery in India.
As consumer preferences evolve and digital transactions become increasingly prevalent, Zomato’s seamless integration of digital payments will undoubtedly contribute to the growth and development of India’s digital economy, catering to the needs of millions of satisfied customers across the country.
