Fintech major PhonePe has secured final authorization from the Reserve Bank of India (RBI) to function as an online payment aggregator, the company said in a statement on Friday.
The approval allows the Walmart-backed fintech to onboard and service online merchants, with a stated focus on small and medium enterprises (SMEs).
The aggregator license is part of the RBI’s regulatory framework aimed at tightening oversight of digital payment intermediaries and ensuring consumer protection.
Yuvraj Singh Shekhawat, chief business officer for PhonePe’s merchant business, said the authorization would enable the firm to expand its merchant services footprint.
PhonePe, which claims over 650 million registered users and a merchant acceptance network of 45 million outlets, processes more than 360 million transactions daily.
Its businesses include digital payments, financial product distribution, hyperlocal commerce app Pincode, and the Indus Appstore.
The RBI has been issuing aggregator licenses to payment players in phases since 2022, with companies required to meet stricter compliance, capital, and operational standards.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
