PhonePe gets RBI nod to become online payment aggregator
PhonePe just got the final nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
This means the app can now expand access for small and medium-sized businesses (SMEs) across India to accept digital payments—helping more people join the digital economy and offering secure payment processing to a wider range of businesses.
PhonePe's growth and future plans
With this approval, PhonePe is set to expand its reach among businesses, especially those that haven't had much access to digital payment options before.
Yuvraj Singh Shekhawat, who heads Merchant Business at PhonePe, shared that this move will help them provide accessible payment solutions to more SMEs.
Since launching in 2016, PhonePe has grown fast—serving over 650 million users and 45 million merchants—and now processes over 360 million transactions daily as of August 2025.
This step should make digital payments even more accessible across India.