By Nitin Waghela

Copyright republicworld

The Bengaluru-headquartered fintech major PhonePe has received the final nod from the Reserve Bank of India (RBI) to function as an online payment aggregator.The approval comes two years after the financial services company secured in-principle clearance from the regulatory body of Indian banking system.The other major platforms to have received the online payment aggregator license this year are BharatPe, PayU, Pine Labs Online, and Easebuzz.In an official statement, the company said, “We believe that this development positions the company to serve a broader spectrum of enterprises seeking reliable and secure payment processing solutions.”With this, PhonePe joins a list of over 50 firms that have obtained a full licence from the RBI.Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business, PhonePe, said, “The company’s focus on serving both established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion.”PhonePe said it has over 650 million registered users and a digital payments acceptance network spanning 45 million merchants.The company processes more than 360 million transactions daily, with an annualised total payment value of over Rs 150 trillion.In July, the Sameer Nigam led financial services provider held the largest market share of 45.88 per cent, having processed 8.93 billion Unified Payments Interface (UPI) transactions, as per National Payments Corporation of India (NPCI) data.Coming in second was Google Pay that captured 35.56 per cent market share, followed by Paytm cornering a market share of 7.02 per cent, it revealed.