PhonePe can now operate as online payment aggregator
What's the story
PhonePe, a leading digital payments platform, has received final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The approval will allow PhonePe to enhance financial inclusion by providing accessible payment solutions to underserved businesses, especially small and medium-sized enterprises (SMEs). The company is now ready to cater to a wider range of businesses with secure payment processing solutions.
Strategic goal
PhonePe's focus on SMEs
Commenting on the RBI's approval, Yuvraj Singh Shekhawat, CBO Merchant Business at PhonePe, said, "With this authorization, PhonePe is well-positioned to accelerate financial inclusion by providing accessible payment solutions to businesses that were previously underserved." He specifically highlighted the SME segment as a key area of focus. The company believes this move will enable it to cater to a wider range of enterprises looking for reliable and secure payment processing solutions.
Business focus
Broader digital financial inclusion
Shekhawat further added, "The company's focus on serving both established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion." This statement emphasizes PhonePe's commitment to not just cater to large corporations but also support new and small businesses in their digital payment needs.
Market presence
PhonePe's growth in numbers
Launched in August 2016, PhonePe's flagship product, the PhonePe digital payments app, has grown exponentially. As of August 2025, it had over 650 million registered users and a network of over 45 million merchants accepting digital payments. The company processes over 360 million transactions daily with an annualized total payment value (TPV) exceeding ₹150 lakh crore.