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Zomato has received final approval from RBI to operate as online payment aggregator

Published on January 27, 2024
Current Context: Zomato Payments Private Limited, a wholly-owned subsidiary of Zomato Limited, has indeed received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
Zomato has received final approval from RBI to operate as online payment aggregator
  • This authorization is effective from January 24, 2024.
  • Zomato Payments was created to provide digital payment services, including wallets and payment gateway services.
  • This development is expected to bolster Zomato’s financial services arm, enabling the platform to offer integrated payment solutions to its users.
  • This aligns Zomato Payments with other notable entities like Tata Pay, Razorpay, and Cashfree, which have also acquired the coveted payments license from the RBI.

Question:

Q.1 What approval did Zomato Payments receive from the RBI?
a. Approval to operate as a bank
b. Approval to operate as an online payment aggregator
c. Approval to operate as a digital wallet service
d. Approval to operate as a payment gateway service

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