PhonePe gets RBI approval to operate as an 'online payment aggregator'

Digital payments platform PhonePe on Friday announced that it has received final approval from the Reserve Bank of India (RBI) to operate as an online payments aggregator.

PhonePe: Digital payments platform PhonePe announced on Friday that it has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This move will help the company expand its reach across the country and connect small and medium enterprises (SMEs), especially small and medium enterprises (SMEs), to the digital payment system. The company said in a statement that this approval will enable it to provide a secure and reliable payment platform to merchants. This will provide a seamless payment experience for customers and improve merchants' payment success rates.

PhonePe's Chief Business Officer (CBO) (Merchant Business) Yuvraj Singh Shekhawat said that with this approval, the company is positioned to accelerate financial inclusion. Our aim is to reach businesses, including small and medium enterprises that have previously been deprived of digital payment solutions.

Onboarding facility

PhonePe said its platform offers instant onboarding for merchants, along with developer-friendly applications and plug-ins. This allows merchants to quickly onboard, increase their payment success rates, and help them grow their businesses.

PhonePe was launched in 2016

PhonePe's flagship product, the PhonePe digital payments app, was launched in August 2016. By August 2025, it has over 650 million registered users and a digital payments acceptance network spanning over 45 million merchants. PhonePe also processes over 360 million transactions daily. PhonePe's annual total payment value (TPV) is over ₹150 lakh crore.

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