The PA license enables Groww, headquartered in Bengaluru, to autonomously handle online payments through its subsidiary payment venture, Groww Pay.
Groww, a wealth management platform, and Worldline ePayments, a digital payment processing company, have been granted the Reserve Bank of India‘s license to function as online payment aggregators (PAs).
French payment leader Worldline installs point-of-sale terminals for Indian banks. Last September, ET reported Worldline began enrolling its own merchants in India. Now, with the PA license, it can venture into online payments.
Advancements in Digital Payments and Financial Services:
Ramesh Narasimhan, Worldline’s CEO for India, stated, “We collaborate with merchants across diverse sectors like ecommerce, BFSI, retail, utilities, education, travel, and hospitality for digital payments. RBI’s authorization underscores our dedication to the Indian market, emphasizing our compliance focus and the importance of a regulated payments environment.”
The PA license will enable Groww, a Bengaluru-based unicorn, to independently handle online payments and facilitate transactions on its wealth tech platform.
Groww has been actively broadening its financial services portfolio. In July last year, it introduced Unified Payments Interface-based services via Groww Pay, allowing peer-to-peer payments and merchant transactions via QR code scanning. Additionally, it entered lending with an NBFC license and ventured into asset management with Groww AMC.
Enhanced Payment Solutions and Growing Industry Recognition:
The company’s payment services prioritize bill payments, enabling users to handle loan and credit card repayments, settle electricity and water bills, and recharge DTH services, among other features.
Recent recipients of the PA approval also include PayU, Razorpay, Cashfree, MSwipe, Juspay, Amazon Pay, Zoho, Google Pay, and Tata Pay among others.
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