According to reports, the financial services platform Groww recently obtained a significant milestone by securing an online payment aggregator license from the Reserve Bank of India (RBI).
This development positions Bangalore-based Groww to expand its service offerings through Groww Pay, its UPI-linked application that facilitates seamless e-commerce transactions.
Groww Expansion into Online Payment Aggregation:
Initially focused on providing investment and broking services, the app has embarked on a journey to broaden its scope of operations.
The addition of online payment aggregation services through Groww Pay marks a strategic move to enhance its portfolio and cater to a broader range of financial needs.
With the integration of Groww Pay, users can now effortlessly engage in various e-commerce transactions. The UPI-linked app streamlines the process, offering convenience and security to users seeking to conduct financial transactions online.
Approval from RBI to Groww:
The license acquisition from RBI on April 29 is a testament to Groww’s commitment to regulatory compliance and excellence in financial services. This milestone allows the application to innovate and deliver value-added services in the digital payment ecosystem.
Groww’s expansion beyond its traditional offerings reflects a strategic vision to diversify its service portfolio. In addition to investment and broking services, Groww Pay now facilitates bill payments, including utilities, DTH recharges, and loan repayments, leveraging its existing NBFC license.
Other Players with RBI Approval:
The App joins a league of distinguished online payment gateway companies that have received RBI’s final approval as payment aggregators. This includes prominent names such as PayU, Razorpay, and Google Pay, underlining the industry’s dynamism and potential for growth.
Further demonstrating its commitment to expansion, Groww Mutual Fund recently received approval from the Securities and Exchange Board of India (Sebi) to launch the Nifty Non-Cyclical Consumer Index Fund. This move aims to capitalize on long-term capital growth opportunities and strengthen Groww’s presence in the mutual fund market.
Significant Milestones Achieved by Groww
With over 1 million new SIPs added in December 2023 and continuous efforts towards innovation and expansion, Groww’s growth trajectory remains impressive. The company’s strategic initiatives and regulatory approvals position it favorably for future growth and success in the financial services landscape.
Get all the latest news on Indian daily post
