New Delhi, Sept. 20 -- PhonePe has also been granted the Reserve Bank of India (RBI) permission to operate as an online payment aggregator. This licence will allow the Walmart-owned digital payments platform to increase its services to small and medium-sized businesses (SMEs) and increase its reach among online merchants.

According to Yuvraj Singh Shekhawat, the Chief Business Officer of PhonePe's Merchant Business, "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."

PhonePe, which currently boasts over 650 million registered users, is also equipped with a merchant network of 45 m...