Fintech major PhonePe on Friday announced it has received the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
The licence will allow PhonePe to expand its services to online merchants, with a strong focus on small and medium enterprises (SMEs) across India. The company said the approval strengthens its position as a provider of secure and reliable digital payment solutions.
“With this authorisation, PhonePe is well-positioned to accelerate financial inclusion by providing accessible payment solutions to underserved businesses, especially SMEs,” said Yuvraj Singh Shekhawat, Chief Business Officer – Merchant Business, PhonePe.
The company highlighted that its payment gateway ensures a smooth checkout experience, along with instant onboarding, developer-friendly plug-ins, and higher payment success rates features designed to help merchants grow their businesses.
PhonePe said the move aligns with its broader mission of enabling digital financial inclusion for both established enterprises and emerging businesses.