Online Payment Aggregator Status Granted to PhonePe by Reserve Bank of India
PhonePe Granted RBI Authorization to Expand Payment Services to SMEs
In a significant move, PhonePe has received final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This authorization allows PhonePe to expand its reach to online merchants, with a focus on small and medium businesses (SMEs) across the country.
Yuvraj Singh Shekhawat, Chief Business Officer for Merchant Business at PhonePe, stated that this authorization allows PhonePe to accelerate financial inclusion by providing accessible payment solutions to businesses previously underserved, particularly in the SME segment.
The payment gateway provided by PhonePe offers businesses a secure and reliable platform for accepting customer payments. It also boasts a smooth checkout experience for customers, and an instant onboarding process that enables businesses to join quickly.
Access to developer-friendly applications and plug-ins is available on the platform, boosting payment success rates for merchants. PhonePe believes the authorization positions it to serve a broader spectrum of enterprises seeking reliable and secure payment processing solutions.
The fast onboarding process helps merchants grow their businesses, and PhonePe's strategy includes serving both established enterprises and emerging businesses, aligning with its goal of enabling broader digital financial inclusion.
PhonePe focuses on e-commerce companies and small businesses as online payment aggregators under the new RBI license. While there are no financial performance or growth figures mentioned, PhonePe is poised to make a significant impact in the digital payment landscape of India.
The SBI Foundation's budget for supporting 23,230 outstanding students under the Asha Scholarship is approximately INR 100 crore, but this news does not appear to be related to PhonePe's operations. As of now, there are no mentions of any regulatory changes, collaborations, partnerships, or acquisitions affecting PhonePe's operations.
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