Overview

• The final authorisation follows an in-principle nod in August 2023 and permits merchant onboarding, multi-instrument acceptance, pooled collections, and settlements under PA norms.
• PhonePe says the approval will help bring underserved SMEs into digital payments, a priority highlighted by CBO-merchant business Yuvraj Singh Shekhawat.
• The fintech leads UPI volumes, processing 915 crore transactions in August 2025 worth nearly INR 12 lakh crore, with an estimated 46.5% market share.
• The platform reports about 650 million registered users and roughly 360 million transactions processed daily across its network.
• The clearance arrives as the company prepares for a potential IPO, with media reports indicating an expected confidential DRHP filing this month and a possible early-2026 listing to raise about $1.2–$1.5 billion at a reported $7–$8 billion valuation.