NEW DELHI: Groww Pay, the UPI funds platform of broking agency Groww, has obtained in-principle authorisation from the Reserve Financial institution of India (RBI) to function as a Funds Aggregator (PA).
In accordance with the most recent RBI information, the net fee aggregator licence was granted on April 29. This licence will permit the corporate to allow e-commerce transactions via its UPI app — Groww Pay.
In July final yr, the broking agency rolled out UPI fee companies via the Groww Pay Personal Restricted characteristic to increase its monetary companies.
The corporate obtained its third-party utility supplier (TPAP) license final yr and supplied the companies in collaboration with banking accomplice Sure Financial institution.
Their fee utility primarily focuses on invoice fee companies reminiscent of electrical energy and water payments, in addition to DTH recharge amongst different choices. Moreover, the applying supplies choices for mortgage and bank card repayments.
RBI has accepted a number of on-line fee gateway corporations to be PAs since late final yr, together with Groww-backed id verification startup DigiO, PayU, CRED, Mswipe, Razorpay, Cashfree, Decentro, Zoho, CC Avenue, Tata Pay, Google Pay, and EnKash, amongst others.
In the meantime, Groww has registered Rs 1,277 crore in income in FY23, an enormous 266 per cent surge.
The Zerodha rival reported a web revenue of Rs 448.7 crore in FY23 towards Rs 239 crore in web loss within the earlier fiscal yr.
