By Mohammad Haris,News18

Copyright news18

PhonePe has received the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator, according to a company statement. With this, PhonePe will be able to expand its reach and tap into online merchants.
“The RBI authorisation enables PhonePe to expand its reach and tap into online merchants, with a particular focus on small and medium businesses (SMEs) across the country. We believe that this development positions the company to serve a broader spectrum of enterprises seeking reliable and secure payment processing solutions,” PhonePe said in a statement.
PhonePe’s payment gateway offers businesses of all sizes a platform to accept payments from their customers and offers a hassle-free checkout experience.
Yuvraj Singh Shekhawat, CBO Merchant Business at PhonePe, said, “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.” The company’s focus on serving both established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion, Shekhawat added.
PhonePe said its payment gateway offers businesses with secure and reliable platform to accept payments from their customers and offers a smooth checkout experience.
Further, it said, the platform’s instant onboarding and access to developer-friendly applications and plug-ins enable businesses to onboard in a fast manner, increasing payment success rates for merchants and enabling them to grow their businesses.