Groww, a financial services platform, and Worldline ePayments, a digital payment processing company, have obtained RBI’s licence to operate as online payment aggregators.
Groww has obtained a licence for its UPI payment platform, Groww Pay.
Similarly, Worldline ePayments India acquired a licence on Tuesday, allowing it to provide payment services to merchants such as e-commerce firms and online businesses.
Ramesh Narasimhan, Chief Executive Officer – India, Worldline, said, “We’ve been in the Indian market for more than two decades and have built a leadership position. We work with merchants from various segments such as eCommerce, BFSI, Retail, Utilities, Education, Travel, and Hospitality for digital payments. The authorisation from RBI is a testimony of our commitment to the Indian market and affirming our focus on compliance and highlighting the significance of a well-regulated payments landscape.”
This year, prominent businesses such as Amazon Pay, Digio, CCAvenue, Decentro, MSwipe, Tata Pay, Zoho, Zomato, and others gained final approval from the banking authority to operate as payment aggregators.
These businesses have joined the ranks of other key industry participants, including Razorpay and Cashfree Payments, which acquired their licences in December 2023 following a nearly one-year prohibition on onboarding new merchants.
Over 28 companies have received in-principle approval from the RBI to function as payment aggregators. Many companies received licences this year as they moved through the final phases of approval after requesting to become payment aggregators.
Also Read | India’s wealth management space set for digital distribution recast
“I think it has come to the concluding stages for most of the companies which is why we are seeing a lot of applications coming through now. It’s just a process that is happening as everybody is clearing any queries that the RBI may have. The regulator had extended the timeline for a few companies till September 2023 to apply since some players could not apply in the initial phases pending compliance,” said Ramakrishnan Ramamurthy, EVP- India, Worldline.
