Elevate Your Tech Prowess with High-Value Skill Courses
Offering College | Course | Website |
---|---|---|
Indian School of Business | Professional Certificate in Product Management | Visit |
IIT Delhi | Certificate Programme in Data Science & Machine Learning | Visit |
MIT | MIT Technology Leadership and Innovation | Visit |
This decision comes within just a couple of months of Zomato getting the final PA approval from the Reserve Bank of India. It received the regulatory nod on January 25.
“The payments landscape in India has evolved meaningfully over the past couple of years since the time we applied for these licences,” the company said in its exchange filings. “At Zomato, we do not see ourselves having a significant competitive advantage against the incumbents in the payments space and hence we don’t foresee a business in payments space as commercially viable for us, at this stage.”
Zomato further said the real impact of foraying into the payments business was more apparent when it got to place the structures to commence this business.
The withdrawal from this business comes at a time when the RBI has suggested strict KYC norms for PAs. While most of the players who secured the final operating licence from the RBI are existing PAs, Zomato was one of the few new entrants into this space. It would have had to compete with the likes of Razorpay and Cashfree for this business.
Discover the stories of your interest
Source: economictimes.indiatimes.com