Zomato surrenders PA licence; doesn't foresee viable biz in payments
Zomato doesn't see it having a significant competitive advantage against the incumbents in the payments space.
Zomato doesn't see it having a significant competitive advantage against the incumbents in the payments space.
As per the RBI release, the banking regulator has asked the payment aggregators to apply for PoS authorisation from RBI by May 31, 2025.
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