Mumbai, India – In a major development, PhonePe, the digital payments platform, has obtained a payment aggregator license from the Reserve Bank of India (RBI), allowing it to aggregate payments from various sources.
This is a significant milestone for PhonePe, as it marks a significant step towards becoming a full-stack fintech platform. The company’s new license enables it to offer its users a more seamless experience and provide a one-stop-shop for all their financial needs.
In addition to the new license, PhonePe has achieved another milestone by reaching an annualized payment value (TPV) run rate of $1 trillion, according to a statement released by the company on Friday.
Commenting on the development, Sameer Nigam, founder and CEO of PhonePe, said, “We are delighted to receive the payment aggregator license from the RBI, which is a significant step towards our goal of becoming a full-stack fintech platform. This license will allow us to offer our users a more comprehensive and integrated suite of financial services.”
He further added, “Our annualized TPV run rate of $1 trillion is a testament to the trust and faith that our users have in our platform. We will continue to innovate and invest in our technology to offer our users the best experience.”
PhonePe, which was launched in 2016, has quickly emerged as one of the leading digital payments platforms in India. The platform currently has over 300 million registered users and is accepted at over 20 million merchant outlets across the country.
The company has been expanding its offerings beyond payments, launching services such as insurance, mutual funds, and gold purchase in recent years. With the new license, PhonePe is expected to accelerate its growth and further establish itself as a leading fintech platform in India.
This news comes at a time when India is witnessing a surge in digital payments adoption, with more people turning to digital payments as a result of the COVID-19 pandemic. PhonePe is well-positioned to capitalize on this trend, and its new license and impressive TPV run rate are expected to propel it to new heights in the coming years.
The payment aggregator license enables PhonePe to aggregate payments from various sources, including credit cards, debit cards, and other digital wallets. This allows users to make payments using multiple modes of payment through the PhonePe platform, providing them with a seamless experience.
PhonePe’s impressive annualized TPV run rate of $1 trillion is a testament to the platform’s popularity and its ability to meet the evolving needs of its users. The company has continued to innovate and invest in its technology to ensure that its users have access to the best possible experience.
The company has also been working to expand its reach in India, partnering with several leading merchants and businesses to offer its services. The platform has made significant strides in recent years, launching several new products and services to cater to the evolving needs of its users.
The new license is expected to further strengthen PhonePe’s position in the market and allow the company to offer a more comprehensive suite of financial services to its users. The company is well-positioned to capitalize on the growing demand for digital payments in India, which is expected to continue to grow in the coming years.
Overall, PhonePe’s payment aggregator license and impressive TPV run rate mark a significant milestone for the company, which has quickly emerged as one of the leading fintech platforms in India. With its focus on innovation and technology, the company is expected to continue to grow and establish itself as a major player in the Indian fintech market in the years ahead.