India, Sept. 19 -- Walmart-owned fintech PhonePe has received the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA). The development comes over two years after PhonePe received in-principle approval from the RBI in August 2023 to operate as an online payment aggregator.

The authorisation will enable PhonePe to expand its reach among online merchants, with a particular focus on small and medium businesses (SMEs) across the country.

"PhonePe is well-positioned to accelerate financial inclusion by providing accessible payment solutions to businesses that were previously underserved, particularly in the SME segment. The company's focus on serving both established enterprises and emergin...