Recently, Zomato Payments Pvt. Ltd., a subsidiary of popular food delivery platform Zomato, has received the much-awaited Payment Aggregator (PA) license from the Reserve Bank of India (RBI).
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| Zomato Payments gets RBI Approval as Online Payment Aggregator |
Zomato gets RBI approval for Payment Aggregator
The approval of Payment Aggregator (PA) license by RBI on January 24, 2024 empowers Zomato Payments to facilitate ecommerce transactions through its platform.
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Let us tell you that last year, Zomato had collaborated with ICICI Bank to introduce its Unified Payment Interface (UPI) Zomato Pay, with the aim of reducing dependence on popular platforms like Google Pay, PhonePe and Paytm.
What is Payment Aggregator
Payment aggregators allow e-commerce websites, mobile apps, and merchants to accept payment instruments from customers for their transactions, without requiring merchants to create their own payment interface.
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Static Current Affairs related to Zomato for upcoming exams
- Formation: July 2008
- Formerly: FoodieBay (2008–2010)
- Headquarters: Gurugram, Haryana
- Founder: Deepinder Goyal & Pankaj Chaddah
- CEO & MD: Deepinder Goyal
- Subsidiaries: Blinkit; Hyperpure
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