You can now make payments on Groww using UPI

SA TeamJuly 19, 2019

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Key Highlights

Unified payment interface (UPI) is payment mechanism that helps a user transfer money without the need for filling out bank details.

The company hopes that this feature will make the process of investment faster and more straightforward.

Groww, a start-up that is revolutionizing the way young India invests has now streamlined making payments by introducing UPI which will include multiple pay options like PhonePe, BHIM, Google pay, whatsapp and PayZapp. The users can use which ever option is convenient for them and make payments. The company hopes that this feature will make the process of investment faster and more straightforward.

Unified payment interface (UPI) is payment mechanism that helps a user transfer money without the need for filling out bank details. So basically one can transfer money in a single click. In the place of the bank account number and the IFSC code, the virtual payment address (VPA) is used. UPI is also the cheapest way of fund transfer and truncation fee is a mere 50 paise. Also, unlike other transfer options like NEFT, UPI transfers are instant and there is no wait period. The process of UPI transfer is also smooth and straightforward and saves a lot of time. Due to all these features, the introduction of UPI has been highly successful for Groww which majorly caters to the millennial investors who are looking for fast and effective ways of investments. Since the introduction of UPI, the daily investments made via Groww have almost doubled. UPI seems to have solved the biggest hassle for investors by introducing single click investment opportunities.

Majority of the users of Groww are first time investors. These first time investors comprise of 75% of the users of Groww. Most of these users are under 40. The company currently offers direct mutual fund investments from all the leading 34 fund houses. More than 5000 mutual funds are available that can be invested in from their app. This app is available on the IoS, Android and web platforms. Also, Groww will soon expand into stocks.

Since its inception in April 2017, the company has seen tremendous growth and has an expeditious user base of 2 million users. Around 500,000 users are added to its user base every year. Groww offers a variety of features to its users like no subscription or transaction charges. It is completely transparent in its working and is completely paperless. These features have made Groww popular with its users as they strive to provide an easy and transparent investment experience for its users.

Groww was founded by ex Flipkart employees, Lalit Keshre, Neeraj Singh, Ishan Bhansal and Harsh Jain. They quickly realised the difficulty of investing in India especially for millennials. The company recently received a funding of $6.3 million in the series A funding which was led by Sequoia Capital. also, it had raised $1.6 million in pre-series A funding round led by Insignia Ventures, Kairos and Lightbridge. They used the capital raised on hiring and the development of technology to launch new products. this app is not just restricted in use in the metro cities but is also used in a number of major cities in India. Groww also hopes expand its services offering insurance in the near future.

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