North India Statesman
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There has been a huge and good news for the online payment world veteran company PhonePe. The Reserve Bank of India (RBI) has given PhonePe the final approval to work as an ‘online payment aggregator’.
This approval is found at a time when there is a strong discussion of coming to the PhonePe’s stock market (IPO).
What does this approval mean?
Understand in simple language, till now a partner was dependent on a bank to pay PhonePe. But after this license, PhonePe will act like a bridge that will connect customers and shopkeepers directly.
Now the company will be able to connect small and big online traders and offline shopkeepers directly to their payment service and will make the payment process even easier and faster for them. This will make the work of traders easier and will also increase the control of PhonePe.
PhonePe won
Getting this license to PhonePe is a big achievement because it is not easy to get a license of payment aggregator. RBI has taken a lot of strictness in this matter. Apart from PhonePe, only a few companies like Razorpay and Cashfree have got this approval, while a big company like Google Pay is still stuck.
With this new power, the PhonePe will now be able to grow further firmly in the payment world, which will directly benefit millions of shopkeepers and users. This step will help in making India’s digital payment system even more simple and safe.
