PhonePe Gets RBI Nod for Payment Aggregator Operations

New Delhi, Sep 19 (PTI) PhonePe on Friday said it has got the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

With RBI authorisation in place, PhonePe will be able to expand its reach and tap into online merchants, with a particular focus on small and medium businesses (SMEs) across the country, according to a release.

The company believes the nod positions it to serve a broader spectrum of enterprises seeking reliable and secure payment processing solutions.

Yuvraj Singh Shekhawat, CBO Merchant Business at PhonePe, said, "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."

The company's focus on serving both established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion, Shekhawat added.

PhonePe said its payment gateway offers businesses with secure and reliable platform to accept payments from their customers and offers a smooth checkout experience.

Further, it said, the platform's instant onboarding and access to developer-friendly applications and plug-ins enable businesses to onboard in a fast manner, increasing payment success rates for merchants and enabling them to grow their businesses.