CA Pratibha Goyal | Apr 30, 2024 |
Groww granted online payment aggregator Licence from RBI
Weathtech unicorn, Groww has been granted licence for online payment aggregator by Reserve Bank of India (RBI) on 29th April 2024. The Licence was issued in name of the subsidiary payment business, Groww Pay.
PayU, Razorpay, Cashfree, MSwipe, Juspay, Amazon Pay, Zoho, Google Pay, and Tata Pay are among other players who have been granted approval of Banker’s bank for the online payment business.
The company has expanded significantly since July, last year. It launched a Unified Payment Interface through Groww , enabling peer-to-peer payments as well as transactions with
merchants via QR codes scanning. It has also ventured into NBFC Licence and AMC business.
The company payment offering focuses on Invoice payment services, management of loan, credit cards and debit cards. Other facilities like payment of Electricity, water bill and DTH recharge are also given.
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