Fintech unicorn Groww has introduced a UPI payments feature on its broking app, expanding its range of services for users. The UPI infrastructure enables Groww users to make payments to contacts and merchants by scanning QR codes. Additionally, users can check their bank balance through the UPI feature, similar to popular apps like Google Pay and PhonePe.
Groww’s UPI payment feature also allows users to make loan and credit card repayments, as well as pay utility bills for services such as electricity, water, DTH, mobile recharge, and gas cylinder booking. The company has partnered with various billers through the Bharat Bill Payment System platform to facilitate these transactions.
The UPI payment functionality is integrated within the Groww app itself, providing a seamless experience for users.
In recent times, Groww has been diversifying its offerings. After obtaining a license to operate as a non-banking finance company (NBFC), the platform began offering instant personal loans. Additionally, in May, Groww acquired the mutual fund business of Indiabulls Housing Finance.
While Groww’s financials have seen losses of INR 239 Cr in the fiscal year 2021-22, compared to a profit of INR 167.6 Cr the previous year, its operating revenue has surged 11.8 times year-on-year to INR 350.9 Cr in FY22. The inclusion of UPI payments can help Groww attract new users and diversify its revenue streams, taking advantage of the rising popularity of UPI transactions.
UPI transactions recorded a growth of 5.83% month-on-month in May, with transactions amounting to INR 14.89 Lakh Cr. The total number of UPI transactions for the month reached 941.5 Cr, nearing the significant milestone of 10 billion transactions.
