RBI grants PhonePe final approval to operate as payment aggregator

Fintech major PhonePe has secured the Reserve Bank of India's final approval to act as an online payment aggregator, expanding its reach to enterprises and merchants nationwide

Fintech major PhonePe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

 

The approval comes more than two years after the Bengaluru-based company first secured in-principle clearance from the banking regulator.

 

Other companies that have received the licence this year include Pine Labs Online, Easebuzz, BharatPe, and PayU, among others.

 

“We believe that this development positions the company to serve a broader spectrum of enterprises seeking reliable and secure payment processing solutions,” PhonePe said in a statement.

 

With this, the company joins a list of over 50 firms that have obtained a full licence from the RBI.

 

 

“The company’s focus on serving both established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion,” said Yuvraj Singh Shekhawat, chief business officer, Merchant Business, PhonePe.

 

PhonePe said it has over 650 million registered users and a digital payments acceptance network spanning 45 million merchants.

 

The company processes more than 360 million transactions daily, with an annualised total payment value of over Rs 150 trillion.