Zomato subsidiary gets RBI nod to operate as payment aggregator
Zomato Payments has been granted a certificate of authorisation from the Reserve Bank of India to operate as an 'Online Payment Aggregator' in India.
Zomato Payments has been granted a certificate of authorisation from the Reserve Bank of India to operate as an 'Online Payment Aggregator' in India.
Fintech companies will now be able to onboard new customers
The companies whose applications were returned by the RBI are Freecharge, PayTM, PayU Payments, and Tapits Tech.
The fintech unicorn will launch online payment aggregator business upon the receipt of the final authorisation.
The fintech company's stock surged 19.72% to ₹17.30 on the National Stock Exchange.
For safety of merchants and consumers, RBI had issued a framework in March 2020, making it mandatory for payment gateways to have a licence to acquire merchants and provide them with digital solutions