RBI has licensed 20 businesses as payment aggregators since January
The Reserve Bank of India (RBI) approved Groww Pay, the Unified Payments Interface (UPI) payments platform of brokerage business Groww, and payments provider Worldline ePayments India Private Ltd. on Tuesday, therefore extending the list of online payment aggregators (PAs). In the first four months of 2024, the number of firms that received payment aggregator licenses reached 20 with the acceptance of two further applications.
By taking consumer payment instruments, an online PA enables businesses to provide payment services to merchants (online corporations or e-commerce enterprises).
RBI approved Groww Pay, the brokerage company’s UPI payments technology, on April 29. Through its UPI app, Groww Pay, the financial services company would be able to support e-commerce transactions through its platform. The Reserve Bank of India (RBI) sent the notification to Worldline ePayments India today.
The RBI’s notification was received by Worldline ePayments India on April 30.
In April alone, the RBI granted PA licenses to Boku Network Services, Computer Age Management Services Ltd., and Unlimint IN Private Ltd., in addition to Groww Pay and Worldline. The payment aggregator licenses this year went to Amazon Pay, Digiotech Solutions, Google India, CCAvenue, Decfin Tech, MSwipe, Tata Pay, Zoho, and Zomato.
