PhonePe gets RBI nod to operate as online payment aggregator

Digital payments firm PhonePe has received the final authorisation from the Reserve Bank of India to operate as an online payment aggregator.

This will allow the Walmart-owned company to expand its presence among online merchants, especially small and medium enterprises (SMEs), it said in a statement on Friday.

"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,” said Yuvraj Singh Shekhawat, chief business officer, merchant business, at PhonePe.


PhonePe said it has more than 650 million registered users and a merchant network spanning 45 million outlets. It processes over 360 million transactions daily, with an annualised total payment value of more than Rs 150 lakh crore.

The company had in 2023 received RBI’s in-principle approval for a payment aggregator licence.

Apart from payments, PhonePe distributes insurance, lending and wealth management products and has entered consumer tech businesses like the ecommerce app Pincode.

Several fintech firms recently received payment aggregator licences from the RBI. These include Easebuzz, PayU, BharatPe and Pine Labs.