Newest Addition on UPI Avenue: Groww gets RBI's Nod to Operate as Payments Aggregator

Newest Addition on UPI Avenue: Groww gets RBI's Nod to Operate as Payments Aggregator

In July last year, the broking firm rolled out UPI payment services through Groww Pay Private Limited.

IANSUpdated: Tuesday, April 30, 2024, 03:58 PM IST
article-image
Groww UPI gets RBI's Nod |

Groww Pay, the UPI payments platform of broking firm Groww, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA).

According to the latest RBI data, the online payment aggregator license was granted on April 29. This license will allow the company to enable e-commerce transactions through its UPI app, Groww Pay. In July last year, the broking firm rolled out UPI payment services through the Groww Pay Private Limited feature to expand its financial services.

The company obtained its third-party application provider (TPAP) license last year and provided the services in collaboration with banking partner Yes Bank.

Their payment application mainly focuses on bill payment services such as electricity and water bills, as well as DTH recharge, among other options. Additionally, the application provides options for loan and credit card repayment.

RBI has approved multiple online payment gateway companies to be PAs since late last year, including Groww-backed identity verification startup DigiO, PayU, CRED, Mswipe, Razorpay, Cashfree, Decentro, Zoho, CC Avenue, Tata Pay, Google Pay, and EnKash, among others.

Meanwhile, Groww has registered Rs 1,277 crore in revenue in FY23, a huge 266 per cent surge. The Zerodha rival reported a net profit of Rs 448.7 crore in FY23 against a Rs 239 crore net loss in the previous fiscal year.

RECENT STORIES

ITAT Upholds Attachment Of ₹54 Crore In 900 Suspicious Buldana Urban Co-op Accounts Linked To PWD...

ITAT Upholds Attachment Of ₹54 Crore In 900 Suspicious Buldana Urban Co-op Accounts Linked To PWD...

BSE Reports 364% Jump In Profits, Announces ₹23 Dividend Per Share

BSE Reports 364% Jump In Profits, Announces ₹23 Dividend Per Share

NSE Clocks Total Income Of ₹4,397 Crore In Q4, Recommends ₹35 Dividend

NSE Clocks Total Income Of ₹4,397 Crore In Q4, Recommends ₹35 Dividend

Air New Zealand Unveils New Crew Uniform By Emilia Wickstead And First Fully-Retrofitted 787-9...

Air New Zealand Unveils New Crew Uniform By Emilia Wickstead And First Fully-Retrofitted 787-9...

Paytm Posts Strong Pat Gains In Q4 Fy25, Achieves EBITDA Before ESOP Profits

Paytm Posts Strong Pat Gains In Q4 Fy25, Achieves EBITDA Before ESOP Profits