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Zomato To Surrender RBI Licence To Operate As An Online Payment Aggregator

Inc42 · 1y ago

Zomato To Surrender RBI Licence To Operate As An Online Payment Aggregator

Zomato's subsidiary, Zomato Payment Private Limited (ZPPL), has decided to surrender its certificate of authorization obtained from the Reserve Bank of India (RBI) to operate as an online payment aggregator. ZPPL had received the license in January 2024 but has now decided to surrender it voluntarily. However, other operations of ZPPL will continue. This announcement comes after Zomato had incorporated ZPPL as its wholly owned subsidiary in 2021 to handle payment aggregator and prepaid payment instrument activities.

Related News

Stripe gets final RBI nod for payment aggregator business

Inc42 · 1y ago

Stripe gets final RBI nod for payment aggregator business

Global fintech startup Stripe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator in India. Founded in 2010, Stripe offers a suite of fintech tools including billing and tax services. Zomato, a major foodtech company, also received approval from the RBI to operate as a payment aggregator. A total of 11 companies have received final approval from the RBI for online payment aggregator businesses. The regulatory framework for payment aggregators was introduced by the RBI in March 2020.

Worldline’s India Arm Gets Payment Aggregator Licence

Inc42 · 1y ago

Worldline’s India Arm Gets Payment Aggregator Licence

Worldline ePayments India Pvt Ltd, the Indian arm of French digital payments company Worldline, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This approval will allow Worldline to acquire merchants and offer digital payment acceptance solutions in India. The company entered the Indian market in 2017 through the acquisition of Chennai-based payments platform MRL PosNet. The RBI has been granting payment aggregator licenses to several companies recently, indicating the significance of the expanding digital payment industry in India, which is expected to grow further in the coming years.

Catamaran-backed Innoviti gets payment aggregator licence

VCCircle

VCCircle · 1y ago

Catamaran-backed Innoviti gets payment aggregator licence

Indian retail SaaS platform Innoviti has been granted a payment aggregator licence by the Reserve Bank of India (RBI). The company, which services enterprise brands and their SME channel partners, received final approval on 22 March to operate as an online payment aggregator under the Payments and Settlements Act, 2007. Innoviti has already started onboarding merchants and claims to have experienced 4x growth in its online business over the past year. The company provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants and small retailers.

Now, Innoviti Bags Payment Aggregator Licence From The RBI

Inc42 · 1y ago

Now, Innoviti Bags Payment Aggregator Licence From The RBI

India-based digital payments solutions company, Innoviti, has obtained an online payment aggregator (PA) licence from the Reserve Bank of India (RBI). Innoviti's PA, 'Innoviti Link', currently serves around 2,500 online merchants. This approval comes two years after Innoviti received in-principle permission to operate as a PA. The company offers payment processing solutions, point of sale terminals, and customer relationship management solutions to retailers. Innoviti claims to process over $10bn in purchase volume annually and has a presence in 28 Indian states. The RBI has been actively issuing PA licences to digital payment players, with a total of 13 granted in 2024.

BharatPe Group company gets RBI nod for payment aggregator licence

YourStory

YourStory · 3m ago

BharatPe Group company gets RBI nod for payment aggregator licence

BharatPe Group company Resilient Payments Pvt Ltd received RBI authorisation to operate as an online payment aggregator. The company focuses on expanding in Tier II and III cities where digital payment use is rapidly growing. BharatPe processes Rs 1.7 lakh crore in payments annually and handles Rs 29,000 crore in transactions via its point-of-sale business. The RBI approval uniquely positions BharatPe with multiple financial licences. Plans include launching BharatPe X and expanding investment products.

Zomato surrenders payment aggregator licence, writes down Rs 39 crore worth of investments

Economic Times

Economic Times · 1y ago

Zomato surrenders payment aggregator licence, writes down Rs 39 crore worth of investments

Zomato, the popular food delivery platform in India, has decided to surrender its payment aggregator license and cancel its application for a mobile wallet license. The company stated that it does not see a significant competitive advantage in the payments space and does not consider it commercially viable at this stage. Zomato has also written off INR 39 crore invested in its payment subsidiary, while clarifying that other operations of the subsidiary will continue. This move comes as the Reserve Bank of India has implemented stricter KYC norms for payment aggregators.

Infibeam Avenues Gets RBI Authorisation For Payment Aggregator Licence

Inc42 · 1y ago

Infibeam Avenues Gets RBI Authorisation For Payment Aggregator Licence

Infibeam Avenues, an AI-powered fintech company, has received authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand, CCAvenue. The company has secured an in-principle approval from the RBI earlier but recently obtained the final license. This is considered a significant boost for Infibeam's payment business, allowing for seamless and secure digital payment growth. Infibeam claims to have more than 10 million merchants on its platform and processed transactions worth $54 billion in FY23. Additionally, the company recently acquired a 20% stake in US-based AI company XDuce for $10 million.

Zomato receives RBI nod to operate as an online payment aggregator

Inc42 · 1y ago

Zomato receives RBI nod to operate as an online payment aggregator

Zomato has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The subsidiary named Zomato Payments Private Limited (ZPPL) has been granted the certificate of authorization by the RBI. This move will allow Zomato to expand its services and offerings, including its in-house Unified Payments Interface (UPI) service that was launched in early 2023. Zomato has been focusing on increasing revenue through measures like platform fees and expanding its quick commerce vertical, Blinkit. The company achieved profitability in the previous financial year and has seen a surge in its share price.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

Entrackr

Entrackr · 1y ago

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

RBI grants payment aggregator licence to Mswipe Technologies

Economic Times

Economic Times · 1y ago

RBI grants payment aggregator licence to Mswipe Technologies

Mswipe Technologies has obtained a payment aggregator (PA) license from the Reserve Bank of India (RBI). The company, which provides digital payment solutions to merchants, had received an in-principle approval from the RBI earlier this year. Mswipe aims to diversify and become a full-stack payments player by offering its payment gateway services to mid-tier businesses. The RBI has granted PA licenses to a total of 16 entities, including Juspay, Stripe, Google, Zoho, and Zomato, while others like PhonePe, Pine Labs, and Billdesk are still awaiting final authorization.

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