Walmart-backed Indian payments firm PhonePe has secured the final authorisation from the Reserve Bank of India to function as an online payment aggregator.
The approval enables PhonePe to extend its services, with a strategic focus on small and medium-sized enterprises throughout India, reported The Times of India.
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PhonePe merchant business chief business officer Yuvraj Singh Shekhawat was quoted by the publication as saying: “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.”
Set up in 2016, PhonePe serves over 650 million users and a 45 million merchant network as of August 2025.
The Indian digital payments platform revealed its plans to go public on Indian exchanges.
In a statement in February, the company said: “PhonePe has long aspired to be a public company in India, having been founded here and being a leader in India’s fintech industry.”
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By GlobalDataThe timeline and other financial details regarding share issuance price were not revealed.
The company is also offering lending, insurance, and wealth management sectors.
In December 2022, PhonePe relocated its domicile from Singapore to India, streamlining its structure to ensure its non-payment subsidiaries were fully owned.
In July 2025, fintech company Xflow obtained RBI’s in-principle approval to act as an online payment aggregator for international transactions.
PayU, backed by Prosus, also received RBI’s final approval this year to operate as a payment aggregator.
