PhonePe on Friday announced that it has secured final approval from the RBI to function as an online payment aggregator. The regulatory clearance will allow the fintech major to scale its digital payments network by onboarding online merchants, with a particular push toward small and medium enterprises (SMEs) across India.
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 provides businesses with a secure, reliable platform for customer transactions while ensuring a seamless checkout experience. The company added that features such as instant onboarding, developer-friendly tools and plug-ins help merchants integrate quickly, boost payment success rates, and scale their businesses efficiently.