A strategic shift is underway as Groww moves away from the payments segment to sharpen its focus on core financial services.
Groww has surrendered its payment aggregator licence, just 2 years after receiving approval from the Reserve Bank of India. The move marks a quiet exit from the payments space, with no formal announcement from the company.
Groww had secured RBI approval in April 2024 for its payments arm Groww Pay, enabling it to onboard merchants and process transactions directly. It had entered the segment in 2023 with a UPI app offering bill payments, recharges, and credit card repayments.
The decision signals a renewed focus on its core broking and wealth management business, where the company has seen strong growth.
Groww is not alone in stepping back from payments. Earlier in 2024, Zomato also surrendered its payment aggregator and wallet licence. Despite receiving RBI approval in 2022, the company exited the segment without detailing reasons, as it focused on food delivery and quick commerce.
These exits come amid evolving regulations for payment aggregators. After a strict phase between 2021 and 2023, when many applications faced delays or rejections due to compliance gaps, the RBI has taken a more flexible approach in 2025.
The central bank has accelerated approvals across online, offline, and cross-border categories, granting licences to players such as Paytm, Razorpay, PayU, Pine Labs, Easebuzz, and Airpay.
The development highlights a broader trend where companies are reassessing their presence in the payments ecosystem while prioritising areas with stronger growth and strategic alignment.
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