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.
