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Online food delivery platform <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> on Thursday announced that its wholly-owned subsidiary <keyword id="20332565" type="General" weightage="20" keywordseo="zomato-payments-private-limited" source="keywords">Zomato Payments Private Limited</keyword> (<keyword id="20332941" type="General" weightage="20" keywordseo="zppl" source="keywords">ZPPL</keyword>) has been granted a certificate of authorisation from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) to operate as an '<keyword id="20332942" type="General" weightage="20" keywordseo="online-payment-aggregator" source="keywords">Online Payment Aggregator</keyword>'. The authorisation came into effect from January 24. "We wish to inform that ZPPL has been granted a certificate of authorisation dated January 24, 2024, from the RBI to operate as an 'Online Payment Aggregator' in India with effect from January 24, 2024, as per the guidelines issued by the RBI," Zomato said in an exchange filing. With this, Zomato Payments has expanded its role beyond food delivery and restaurant discovery into the realm of digital payments. Apart from this recent development, Zomato had partnered with ICICI Bank last year to introduce its own unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>), Zomato UPI. Earlier this month, Zomato introduced a new feature called "daily payouts" to support emerging restaurant partners. Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company. "Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this critical need for more frequent access to earnings," Zomato said in a blogpost. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

Zomato gets RBI approval to operate as 'online payment aggregator'

<keyword id="7561347" type="General" weightage="100" keywordseo="enkash" source="Orion">EnKash</keyword> on Wednesday said it has received in-principle approval from the Reserve Bank of India to operate as a payment aggregator (PA). Founded in 2018, the spending management platform EnKash has helped thousands of businesses to digitize and decentralize their corporate payments. The licence by the central bank will enable the platform to broaden its product offerings to more number of businesses. Payment aggregators are intermediaries playing an important function in facilitating payments in the online space. According to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, these aggregators facilitate e-commerce sites and merchants to accept various payment instruments from the customers for the completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. "We are excited to get in-principle approval from RBI for our payment aggregator license. This will help EnKash offer innovative products and solutions not only to our existing business ecosystem but also to bring about path-breaking and leading technological solutions to the market covering the entire payments flow," said <keyword id="8571523" type="General" weightage="50" keywordseo="yadvendra-tyagi" source="Orion">Yadvendra Tyagi</keyword>, Co-founder of EnKash. "This will help us streamline the cash flow process for businesses where they will be able to seamlessly consolidate their all payable and receivable and make necessary actions around payments," said <keyword id="19991" type="General" weightage="50" keywordseo="tyagi" source="Orion">Tyagi</keyword>, adding that the RBI's approval reiterates the need for digital solutions to manage business cash flows in an efficient way to sustain growth and profitability. EnKash now looks forward to bringing product offerings around corporate payments such as forex collections, cross-border payments, and Software-as-a-service collections. Notably, besides EnKash, several other firms have got RBI's in-principle nod to operate as payment aggregators. In 2020, the RBI issued guidelines saying firms it approves can only acquire and offer payment services to merchants. Existing non-bank entities offering payment aggregator services shall apply for such authorization. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-bank-sees-india-growth-slowing-to-6-6-next-fiscal/articleshow/96906506.cms">World Bank sees India growth slowing to 6.6% next fiscal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/live-ecommerce-startup-working-with-local-artisans-raises-6-million-in-seed-round-led-by-elevar-equity/articleshow/96909740.cms">Live ecommerce startup working with local artisans raises $6 million in seed round led by Elevar Equity</a>

EnKash gets RBI's in-principle nod to operate as payment aggregator

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

Digital payments and financial company <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> is looking to hive off its <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> business into a new subsidiary <keyword id="11994167" type="General" weightage="20" keywordseo="paytm-payments-services-limited" source="Orion">Paytm Payments Services Limited</keyword>, according to a notice sent to shareholders for approval. The company is seeking approval of the same from its shareholders through an extraordinary general meeting on September 23. "To consider and approve transfer of Payment Aggregator business to Paytm Payments Services Limited, a wholly owned subsidiary of the Company, to Paytm Payments Services Limited, a wholly owned subsidiary of the government to comply with <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> guidelines, being considered as sale of undertaking," the EGM notice issued on August 31 said. The new entity will include Paytm's online payment gateway business. RBI guidelines for regulation of payment aggregators (PAs) requires their business to be regulated and run by a separate company, after obtaining the licence from RBI. Indicative book value of the new entity is in the range of ₹275-350 crore which will be paid to the parent firm <keyword id="12005712" type="General" weightage="20" keywordseo="one9-communications" source="Orion">One9 Communications</keyword> (OCL) in five equal annual installments. The actual consideration will be the derived basis book value appearing as of August 31, 2021. OCL's Paytm provides digital and payment services to 33.3 crore consumers and over 2.1 crore merchants, as on March 31, 2021. The company has reported gross merchandise value of over ₹4 lakh crore for the financial year 2020-21. The company is likely to launch its ₹16,600 crore-IPO in October for which it has already filed draft papers with SEBI. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/uber-has-ola-zomato-has-swiggy-but-whos-urban-company-competing-with/articleshow/85835674.cms">Uber has Ola, Zomato has Swiggy but who’s Urban Company competing with?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zerodha-gets-approval-to-enter-mutual-fund-business/articleshow/85855544.cms">Zerodha gets approval to enter mutual fund business</a>

IPO-bound Paytm transfers its payments business to new subsidiary

<ul><li><keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> said <keyword id="1426939" type="General" weightage="80" keywordseo="ppsl" source="Orion">PPSL</keyword> has now received a letter from <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> in response to an application for the authorisation to provide PA services for online merchants.</li><li>Paytm, in the regulatory filing, said it can resubmit the PA application within 120 calendar days.</li><li>The company will not onboard new online merchants till the time approvals remain pending.</li></ul> Banking regulator RBI has put a pause on onboarding of online merchants by <keyword id="12003494" type="General" weightage="50" keywordseo="paytm-payments-services" source="Orion">Paytm Payments Services</keyword>, even as the company said it will have no material impact on its business, according to a regulatory filing. One97 Communications (OCL), which owns the Paytm brand, had proposed to transfer the payment aggregator services business undertaken by it to Paytm Payments Services (PPSL) in December 2020 to comply with payment aggregator (PA) guidelines of the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) but the banking regulator had rejected its application. The company had re-submitted the required documents in September 2021. Paytm said PPSL has now received a letter from RBI in response to an application for the authorisation to provide PA services for online merchants. As per the letter, PPSL is required to "Seek necessary approval for past downward investment from the company into PPSL, to comply with FDI Guidelines" and "not onboard new online merchants". Paytm, in the regulatory filing, said it can resubmit the PA application within 120 calendar days. The company will not onboard new online merchants till the time approvals remain pending. PAs are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. According to RBI's PAs guidelines, a single entity cannot continue to provide an e-commerce marketplace along with payment aggregator services and such payment aggregator services must be separated from the e-commerce marketplace business. Paytm further said there were no material observations from RBI and the move has no material impact on its business and revenues since the communication from the central bank is applicable only to onboarding of new online merchants. "We can continue to onboard new offline merchants and offer them payment services including All-in-One QR, <keyword id="10896801" type="General" weightage="50" keywordseo="soundbox" source="Orion">Soundbox</keyword>, <keyword id="3885098" type="General" weightage="50" keywordseo="card-machines" source="Orion">Card Machines</keyword>, etc. Similarly, PPSL can continue to do business with existing online merchants, for whom the services will remain unaffected. We are hopeful of receiving the necessary approvals in a timely manner and resubmitting the application," Paytm said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/over-50-of-microbusinesses-had-no-mechanisms-to-cushion-covid-impact-road-to-recovery-report-says/articleshow/95780667.cms">Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-may-produce-alternative-smartphones-to-compete-with-apple-android/articleshow/95780494.cms">Elon Musk may produce 'alternative' smartphones to compete with Apple, Android</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-sees-a-single-day-rise-of-new-389-coronavirus-infections-tally-rises-to-530608/articleshow/95779680.cms">India sees a single-day rise of new 389 coronavirus infections, tally rises to 5,30,608</a>

RBI pauses onboarding of online merchants by Paytm Payments Services; firm says no material impact on biz

<a href="http://www.businessinsider.in/searchresult.cms?query=hotels">Hotels</a> that tied up with aggregators seem to be displeased by the latter. Trouble began when the <keyword id="3187949" type="UNKNOWN" weightage="20" keywordseo="Hotel-Aggregators">hotel aggregators</keyword> started undercutting and promising more than the <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">hotels</keyword> could provide. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=hotel+aggregators">hotel aggregators</a> were at their peak as they were getting lot of customers in 2015 and had tied with as many as 1000 hotels. 
 
However, the experience, over the time, turned sour for the aggregators. 
 
ET reported an incident in which Sunil J Trivedi of Riverview Hotel in Ahmedabad said aggregators do not put everything on the site, which misleads the customer. 
 
"Undercutting is totally not tolerable in this industry as it is harmful for our business and goodwill. This clearly impacted the customers coming to us as sometimes we got day-use kind of bookings, which we never take," said Trivedi. 
 
Likewise, there are many instances in which hotels are snapping ties with the aggregators now. 
 
As per reports, over 200 hotels have apparently ended ties with leading aggregators Oyo <a href="http://www.businessinsider.in/searchresult.cms?query=oyo+rooms">Rooms</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=zo+rooms">Zo</a> in the last five-six months. 
Another problem that hotels are facing is of payments. 
 
A Mumbai-based hotelier Karl Kerawalla took to <a href="http://www.businessinsider.in/searchresult.cms?query=twitter">Twitter</a> to complain about a non-payment issue. 
 
Hotels say due to a plethora of issues their loyal customers are turning away, which could lead to a major problem in the long run. 
 
Manav Thadani, chairman, HVS Asia Pacific told ET, "While there has been a lot of hype about the aggregator model, how many will survive depends on the management and having solid processes in place rather than deep discounting to win the game."

Hotels are snapping ties with aggregators after experience goes sour

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> Pay India- has successfully acquired <keyword id="3859481" type="PERSON" weightage="20" keywordseo="Tapzo">Tapzo</keyword>, a mobile app aggregator, in a deal that is reportedly value at $40 million. </li><li>Tapzo is an app aggregator platform that allows users to access more than 35 apps at once, the likes of which include Amazon, Swiggy, Freecharge and Uber. </li><li>With the acquisition of Tapzo, Amazon Pay is looking to increase transaction volumes and improve its core product offering.</li></ul> Following Berkshire Hathaway’s push into India’s digital <keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">payments</keyword> space with a ₹25 billion investment in <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s parent company, Amazon has also closed an important deal to shore up its payments business. The company’s payments arm in India - Amazon Pay India- has successfully acquired Tapzo, a mobile app aggregator, in a deal that is reportedly valued at <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/amazon-pay-acquires-personal-assistant-platform-tapzo/articleshow/65586652.cms">$40 million</a>, inside sources told ET. Tapzo, which is backed by Sequoia Capital, is a personal aggregator platform that allows users to access more than 35 apps at once, the likes of which include Amazon, Swiggy, Freecharge and Uber. The selling point for consumers is that they are not required to download or update the apps, thereby saving storage space and time. The app has been most successful when it comes to bill payments and phone recharges, logging close to 15,000 transactions a month for both. While it remains to be seen just how Amazon Pay will harness and integrate Tapzo into its offering, it seems more likely than not that the app could be used to maximise Amazon’s reach by facilitating digital payments for a variety of services and products. It can also allow for the application of cashback offers for all kinds of transactions. On 28 August, Amazon launched a feature that allows users to pay their bills using Amazon Pay - whether its for their mobile phone, electricity, groceries or gas. Amazon Pay is currently engaged in a battle with Paytm and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s PhonePe for market dominance in the digital payments space and with the acquisition of Tapzo, it is looking to increase transaction volumes and improve its core product offering. The Tapzo deal isn’t Amazon’s first acquisition in the digital payments space. In 2016, it acquired Emvantage, a Noida-based online payments provider, to start building its payments business in India. In October 2017, it was reportedly planning to increase its investment in Amazon Pay India from <a href="https://www.livemint.com/Industry/XHyM9CeZyNH6yubTnj0NVK/Amazon-Pay-to-get-fresh-fund-infusion-from-Amazon-India.html">₹4 billion to ₹20 billion</a>. In April 2018, Amazon Pay spent ₹1.4 billion on a stake in Capital Float, a digital lending company, and made an initial $5 million investment in Tone Tag, a payments app, the following month.

Amazon India is buying Tapzo to ramp up its digital payments business

You heard it right. You can pay your entire loan to any <keyword id="100080" type="ORGANIZATION" weightage="20" keywordseo="housing-finance">housing finance</keyword> company or even a non-banking finance company. But, the cash in each instalment should be less than Rs 2 lakh. As per the new guidelines, cash payments/receipts of or over Rs 2 lakh are illegal and will attract penalty. The finance ministry has stated prohibition of cash payment would only apply to repayment of a single loan instalment in cash and not to the aggregate amount. Under Section 269ST, any person to receive amount of Rs 2 lakh and above in cash is prohibited. A circular by the <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">income tax department</keyword> states receipt of repayment of loan by the Non-Banking Finance Companies (<keyword id="6355260" type="CITY" weightage="20" keywordseo="NBFC">NBFC</keyword>) and <keyword id="168537" type="UNKNOWN" weightage="20" keywordseo="housing-finance-companies">Housing Finance Companies</keyword> (HFC) will fall under the purview of section 269ST clause (b) if the repayment of 'one' loan instalment is equal to or above Rs. 2 lakh. All the instalments paid for a loan shall not be aggregated for the purposes of determining applicability of the provisions of section 269ST.

You can repay your entire loan in cash, but here’s the catch

New Delhi, Dec 8 () The Unified Payments Interface (UPI) system may not see many new players entering the space as it has got aggregated with few players, according to a report.
 As a payment product, UPI will continue to scale with more innovative use cases coming in and will remain default payment gateway for the country, said a report by The Digital Fifth.
 While UPI has enabled innovation in the payment space, it has resulted in larger players taking complete control of the market, it said.
 With wallet business depleting and UPI getting aggregated with few players, there may not be many new players entering this space.
 The report also came out with a list of top-30 fintech influencers, which includes Niti Aayog Advisor Anna Roy, Ujjivan Small Finance Bank CEO Nitin Chugh and CreditMantri co-founder Gowri Mukherjee.
 Advisor on industry and data management and analysis at the Niti Aayog, Roy also leads the Women in Entrepreneurship Platform (WEP) initiative, supporting women entrepreneurs in India. She is leading the Government of India's initiatives on frontier technologies such as BigData, artificial intelligence and Blockchain.
 The report further said the remittance business would continue to scale as the market has remained largely untapped as of now.
 India will see emergence of few large remittance players with focus on high-traffic corridors, it said.
 The business-to-business segment has done well over past few years across POS (point-of-sale) and payment gateway segments with firms such as Pinelabs and Razorpay, building scalable and profitable business models, it said.
 "This segment has primarily depended on merchant discount rate for their revenues. In the Budget, the government has proposed that the establishments with an annual turnover of more than Rs 50 crore will offer low-cost digital modes of payment to customers and no charges or MDR shall be imposed on customers or merchants," it said.
 This change will impact payment start-ups focusing on the issuance side where they share issuance fees with banks and acquirer side, it said. DP HRS

You Searched For "payment aggregator" and got 9 results

Zomato gets RBI approval to operate as 'online payment aggregator'

IANS

EnKash gets RBI's in-principle nod to operate as payment aggregator

ANI

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

PTI

IPO-bound Paytm transfers its payments business to new subsidiary

PTI

RBI pauses onboarding of online merchants by Paytm Payments Services; firm says no material impact on biz

PTI

Hotels are snapping ties with aggregators after experience goes sour

BI India Bureau

Amazon India is buying Tapzo to ramp up its digital payments business

Dilsher Dhillon

You can repay your entire loan in cash, but here’s the catch

BI India Bureau

Not many new players will enter UPI space: Report

PTI

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