Zomato Starts Its Own UPI Offering
The move comes as the NPCI is moving to reduce the duopoly of PhonePe and Google Pay in transaction volume for UPI.
Food delivery giant Zomato Ltd. has started its own Unified Payments Interface facility in partnership with ICICI Bank Ltd.
"Zomato has a large set of customers that frequently use UPI to make payments for their food orders," a Zomato spokesperson said. "We are providing a facility (as technology partner to ICICI) for customers to create a UPI ID on Zomato app, so that they can make payments seamlessly without the need to switch apps."
The move comes as the UPI's governing body, the National Payments Corp. of India, is moving to reduce the duopoly of PhonePe and Google Pay in transaction volumes for UPI.
It had set a 30% cap on transaction volumes and extended the deadline for companies to comply with this to Dec. 31, 2024.
According to The Arc, a news outlet, Flipkart will also roll out its UPI offering.