Zerodha rival Groww, Worldline India receives RBI approval to operate as a payment aggregator

Zerodha rival Groww and Worldline ePayments India have been granted online payment aggregator (PA) licenses by the Reserve Bank of India (RBI). 

The approval enables both companies to expand their payment services and enhance their capabilities within India's growing digital economy.

Groww's strategic expansion

Groww has received the license for its subsidiary payment business, Groww Pay. This allows the Bengaluru-based fintech to process payments independently on its platform and support transactions on its wealth management platform.

Groww has been diversifying its services, launching UPI-based services through Groww Pay last year, venturing into lending with an NBFC license, and managing assets through Groww AMC.

The company aims to integrate these services to provide a comprehensive financial platform to its users.

Worldline's enhanced capabilities

French payment giant Worldline, known for deploying point-of-sale terminals on behalf of banks in India, can now extend its operations to the online payments space.

Worldline India has been active in various sectors, including eCommerce, BFSI, and retail, facilitating digital payments across these industries.

The PA license marks a crucial step in its commitment to the Indian market, focusing on compliance and enhancing the digital payments landscape.

Expanding presence in the digital payments sector

The granting of PA licenses to Groww and Worldline India comes as part of RBI's broader initiative to regulate and promote secure digital payments in India. These licenses are expected to bolster the confidence of merchants and consumers in the digital transactions ecosystem, fostering a more inclusive financial environment.

Both companies are poised to leverage their new capabilities to expand their presence in the digital payments sector. For Groww, this means more seamless integration of financial services, while for Worldline, it represents an opportunity to deepen its engagement with Indian merchants and consumers, driving forward the digitalization of payments in India.