Walmart-backed Indian payments firm PhonePe has received final approval from the Reserve Bank of India to operate as an online payment aggregator. This allows PhonePe to expand its services with a focus on small and medium-sized enterprises in India. The company, serving over 650 million users and a 45 million merchant network, plans to go public on Indian exchanges. PhonePe aims to accelerate financial inclusion by providing accessible payment solutions to underserved businesses, particularly in the SME segment. In addition to offering lending, insurance, and wealth management services, PhonePe relocated its domicile from Singapore to India in December 2022.

Read more at Yahoo Finance: India’s RBI authorises PhonePe as online payment aggregator