RBI consents to PhonePe operating as payment aggregator
RBI consents to PhonePe operating as payment aggregator
This will help the firm expand its reach to enterprises and merchants nationwide
Fintech major PhonePe has secured the Reserve Bank of India's final approval to act as an online payment aggregator,
The Reserve Bank of India (RBI) has given the go-ahead to Bengaluru-based fin-tech major PhonePe to operate as an online payment aggregator.
The consent came more than two years after the company secured in-principle clearance from the banking regulator.
In a statement, PhonePe expressed, “We believe that this development positions the company to serve a broader spectrum of enterprises seeking reliable and secure payment processing solutions.”
Yuvraj Singh Shekhawat, chief business officer, Merchant Business, PhonePe, stated, “The company’s focus on serving established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion.”
The fin-tech company has over 650 million registered users and a digital payments acceptance network spanning 45 million merchants. It processes over 360 million transactions daily, with an annualised payment value of over Rs.150 trillion.
PhonePe joins over 50 firms that obtained a full licence from the RBI. These include Pine Labs Online, Easebuzz, BharatPe, and PayU.
