Fintech giant PhonePe has received the final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, more than two years after securing in-principle clearance from the central bank.
The Bengaluru-based company now joins over 50 firms that have obtained a full licence, alongside players such as Pine Labs Online, Easebuzz, BharatPe, and PayU.
In a statement, PhonePe said the licence will enable it to provide reliable and secure payment processing solutions to a wider base of enterprises.
“Our focus on supporting both established companies and emerging businesses is in line with our goal of driving broader digital financial inclusion,” said Yuvraj Singh Shekhawat, Chief Business Officer – Merchant Business at PhonePe.
Strong Market Presence
- PhonePe has 650 million registered users and a merchant network of 45 million across India.
- The platform processes more than 360 million transactions daily.
- Its annualised total payment value has crossed ₹150 trillion.
With this approval, PhonePe is set to strengthen its role in India’s digital payments ecosystem, as the RBI continues to tighten regulatory oversight over fintech operations.