New Delhi, April 9 -- Stock broking platform Groww has reportedly exited the payments space after surrendering its payment aggregator (PA) licence, two years after receiving approval from the Reserve Bank of India (RBI).

According to a report by The Head and Tale, the Bengaluru-based fintech company withdrew its PA licence without a formal announcement. The move indicates a strategic shift away from operating as a payments intermediary.

The specific reason behind the exit remains unclear as Groww has not publicly disclosed why it made such a move.

The stockbroker had received approval from the RBI in April 2024 for its payments arm, Groww Pay, allowing it to onboard merchants and process transactions directly as a payment aggregator. ...