Zomato surrenders online payment aggregator licence

Zomato has decided to voluntarily surrender the online payment aggregator and prepaid payment instruments licences to the Reserve Bank of India. For this, it has recorded an impairment loss of Rs 39 crore for its investment in its fintech subsidiary Zomato Payment Private Limited (ZPPL).

The prepaid payment instrument licence allowed Zomato to offer wallet and cash cards services to its customers, while the online payment aggregator licence allowed the platform to have higher control over payments on its platform, in addition to having third-party apps.