Online payment platform, PhonePe, has secured approval from the Reserve Bank of India (RBI) to function as an online payment aggregator.
The fintech company, PhonePe, has received authorization from the Reserve Bank of India (RBI) to extend its services to a wider range of businesses, particularly small and medium enterprises (SMEs) across the country. This expansion comes as PhonePe enters the health insurance business, partnering with Angel One and Singapore's LivWell.
Backed by Walmart, PhonePe is a leading online payment aggregator that is now authorized to offer its services to online merchants as well. The focus of this expansion is on SMEs, aiming to provide them with seamless digital payment solutions.
This latest development in PhonePe's growth is a significant step forward for the fintech company. The founders of PhonePe, Sameer Nigam, Rahul Chari, and Burzin Engineer, have been instrumental in driving this expansion.
In other news, the country's foreign exchange reserves have crossed USD 702 billion, close to a record peak. Meanwhile, the Reserve Bank of India has not issued any information about bank operations on Saturday, Sep 20, 2025.
Elsewhere, the MEA has issued an advisory on Indians being lured to Iran with fake job offers. On the global front, Donald Trump has announced a USD 100,000 H1-B visa fee, which could potentially impact Indian workers in the US.
The statement regarding this expansion was issued by PhonePe on September 19, 2025. The company's partnership with NVIDIA for retail assistance is another recent development that underscores PhonePe's commitment to innovation and growth in the digital payment sector.
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