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Fintech major PhonePe has received the Reserve Bank of India’s (RBI) final authorisation to operate as an online payment aggregator, enabling the company to expand its merchant network with a focus on small and medium businesses (SMEs).
“With this authorisation, PhonePe is well-positioned to accelerate financial inclusion by providing accessible payment solutions to businesses that were previously underserved, particularly in the SME segment,” said Yuvraj Singh Shekhawat, CBO – Merchant Business, PhonePe.
The approval will allow PhonePe to scale its payment gateway offering, which enables instant merchant onboarding, developer-friendly integrations, and a frictionless checkout experience aimed at boosting payment success rates.
Founded in 2016, PhonePe is among India’s largest fintech players with over 650 million registered users, a merchant network of 45 million, and daily transaction volumes exceeding 360 million. Its portfolio spans payments, lending, insurance distribution, wealth products, hyperlocal e-commerce (Pincode), and the Indus AppStore.
Also Read: PhonePe hires bankers for IPO; eyes $1.5 billion raise at $15 billion valuation
“With this authorisation, PhonePe is well-positioned to accelerate financial inclusion by providing accessible payment solutions to businesses that were previously underserved, particularly in the SME segment,” said Yuvraj Singh Shekhawat, CBO – Merchant Business, PhonePe.
The approval will allow PhonePe to scale its payment gateway offering, which enables instant merchant onboarding, developer-friendly integrations, and a frictionless checkout experience aimed at boosting payment success rates.
Founded in 2016, PhonePe is among India’s largest fintech players with over 650 million registered users, a merchant network of 45 million, and daily transaction volumes exceeding 360 million. Its portfolio spans payments, lending, insurance distribution, wealth products, hyperlocal e-commerce (Pincode), and the Indus AppStore.
Also Read: PhonePe hires bankers for IPO; eyes $1.5 billion raise at $15 billion valuation
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