PhonePe gets final RBI nod to operate as online payment aggregator

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.

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