Groww Pay, the UPI platform of brokerage firm Groww, has secured an online payment aggregator (PA) licence from the Reserve Bank of India (RBI). This licence allows Groww Pay to facilitate online transactions through its platform using its UPI app, Groww Pay.
This move marks Groww’s expansion into financial services beyond its usual investment and broking offerings. Since last year, Groww has been offering UPI payment services through its Groww Pay Private Limited feature, in partnership with YES Bank.
The platform has been focusing on bill payments like electricity and water bills, DTH recharges, as well as loan and credit card repayments.
Backed by Tiger Global, Groww has been exploring opportunities in credit and payments to retain its existing customers and attract new ones. Before entering payments, it had introduced lending on its platform and secured an NBFC licence.
Several other online payment gateway companies have also received RBI approval to operate as payment aggregators, including DigiO, a Groww-backed identity verification startup.
This licence enables companies to provide payment services for online businesses, accepting payment instruments from customers.
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The RBI’s recent decision to regulate offline payment aggregators as well will subject them to additional compliance measures. The draft guidelines are open for public feedback until May 31.
