A Landmark Regulatory Green Light
Fintech giant PhonePe has secured final approval from the Reserve Bank of India to function as an online payment aggregator. This regulatory milestone allows the company to significantly scale its digital payments network by onboarding thousands of online merchants, with special emphasis on small and medium enterprises across the country.
The approval positions PhonePe as a stronger player in India’s competitive digital payments space, giving it the mandate to serve a wider spectrum of enterprises looking for reliable and secure payment solutions.
Driving Financial Inclusion Through SMEs
Yuvraj Singh Shekhawat, Chief Business Officer for PhonePe’s Merchant Business, said the authorization will help accelerate financial inclusion by reaching businesses that have often been underserved by traditional payment platforms. He emphasized that PhonePe’s focus on SMEs aligns with its mission to drive broader adoption of digital finance in India.
“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,” Shekhawat said.
Merchant-Centric Features
PhonePe highlighted that its payment gateway is designed to deliver secure and seamless transaction experiences for customers while offering merchants instant onboarding, developer-friendly tools, and plug-ins. These features enable faster integration, higher payment success rates, and improved scalability for businesses across sectors.
The company believes this combination of technology, trust, and ease of use will allow enterprises of all sizes to thrive in an increasingly digital-first economy.
Outlook
With the RBI’s approval in hand, PhonePe is poised to expand its presence in India’s fast-evolving fintech landscape. Its focus on empowering SMEs through cutting-edge payment solutions underscores the company’s role in shaping the future of digital commerce in the country.
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