New Delhi, January 25: Online food delivery platform Zomato on Thursday announced that its wholly-owned subsidiary Zomato Payments Private Limited (ZPPL) has been granted a certificate of authorisation from the Reserve Bank of India (RBI) to operate as an 'Online Payment Aggregator'. The authorisation came into effect from January 24.
"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," Zomato said in an exchange filing. Reliance Jio and OnePlus Join Hands To Drive '5G Technology' in India, Partnership To Provide Unparalleled Features and Network Experience.
With this, Zomato Payments has expanded its role beyond food delivery and restaurant discovery into the realm of digital payments. Apart from this recent development, Zomato had partnered with ICICI Bank last year to introduce its own unified payments interface (UPI), Zomato UPI.
Earlier this month, Zomato introduced a new feature called "daily payouts" to support emerging restaurant partners. Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company. Apple Developer Fees: Apple Plans To Impose Fees and Restrictions on Developers Who Offer Ability To Sideload Their Apps in European Union: Report.
"Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this critical need for more frequent access to earnings," Zomato said in a blogpost.
(The above story first appeared on LatestLY on Jan 25, 2024 04:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).