Zomato Payment Pvt Ltd (ZPPL), a subsidiary of Zomato Limited, has received regulatory approval from the Reserve Bank of India (RBI) to function as an online payment aggregator.
As of January 24, 2024, ZPPL is authorized to operate as a payment aggregator.
The development will help the company, which has been on a spree of new experiments, expand its offerings.
Early last year, Zomato also rolled out an in-house Unified Payments Interface (UPI) service for peer-to-peer (P2P) and merchant transactions. However, reports emerged around July last year that the company had paused onboarding new users on Zomato UPI.
This approval complements Zomato’s strategic moves into the digital payment space, aligning with its broader initiatives, including the introduction of an in-house Unified Payments Interface (UPI) service in the previous year.
Notably, Zomato has introduced a number of new features and services to shore up its revenue.
While measures like the introduction of platform fee have helped Zomato increase the collection and take rate for its food delivery business, it is also doubling down on its quick commerce vertical Blinkit. Zomato also forayed into the logistics space last year and launched a quick parcel delivery service for merchants with a new app called Xtreme.