PhonePe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, a move that will allow the Walmart-backed company to onboard and service merchants directly. The authorisation is part of the RBI’s broader framework to strengthen oversight of digital payment intermediaries and enhance consumer protection.
With this license, PhonePe aims to deepen its focus on small and medium enterprises (SMEs) while expanding its merchant services footprint. “The authorisation will enable us to scale our offerings and extend greater support to online merchants,” said Yuvraj Singh Shekhawat, Chief Business Officer, PhonePe’s merchant business.
PhonePe currently claims more than 650 million registered users and a merchant acceptance network of 45 million outlets, processing over 360 million transactions daily. Its portfolio spans digital payments, financial product distribution, hyperlocal commerce through its Pincode app, and the Indus Appstore.
The RBI has been granting aggregator licenses in phases since 2022, requiring applicants to meet strict compliance, capital adequacy, and operational benchmarks. PhonePe’s approval places it among a select group of payment players authorised to operate under the regulator’s tightened framework.
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