PhonePe gets RBI nod to operate as online payment aggregator

BENGALURU: PhonePe has received final authorisation from the Reserve Bank of India (RBI) to function as an online payment aggregator, a move that will allow the Walmart-backed fintech major to deepen its merchant services, particularly targeting small and medium businesses.

The approval enables PhonePe to expand its payment gateway operations, giving enterprises access to tools for secure payment processing, faster onboarding, and developer-friendly plug-ins. The company said these features are aimed at improving payment success rates and helping businesses scale their digital presence.

“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 for merchant business at PhonePe.

Founded in 2016, PhonePe has grown into one of India’s largest fintech platforms. As of August 2025, it counts over 650 million registered users and a merchant network of 45 million. The company processes more than 360 million transactions daily and said its annualized total payment value now stands at Rs 150 lakh crore.

PhonePe’s financial services offerings include distribution of insurance, lending, and wealth products. It has also diversified into consumer internet plays such as Pincode, a hyperlocal ecommerce app, and the Indus AppStore for Android.