PhonePe Secures RBI Approval to Boost SME Payment Solutions

PhonePe has received RBI authorization to operate as an online payment aggregator, empowering the company to enhance digital financial inclusion among SMEs. The authorization is set to expand PhonePe's reach while offering secure, reliable payment services and fostering growth in the underserved SME segment within India.

In a significant development, PhonePe has been granted final authorization from the Reserve Bank of India (RBI) to function as an online payment aggregator. This pivotal approval enables the company to broaden its reach and focus on digital financial inclusion among small and medium enterprises (SMEs) across India.

By harnessing this authorization, PhonePe aims to provide comprehensive and secure payment processing solutions to a wider array of enterprises. The company has also reinforced its dedication to serving both established and emerging businesses in rural and urban areas, bridging the gap within the SME sector.

Yuvraj Singh Shekhawat, Chief Business Officer for Merchant Business at PhonePe, emphasized the significance of this milestone in accelerating financial inclusion. He stated the importance of delivering accessible payment services for previously underserved businesses, facilitating smoother transactions through advanced onboarding and developer-friendly tools.

(With inputs from agencies.)