Fintech Company PhonePe

The Reserve Bank of India has given a big gift to Fintech Company PhonePe, which provides online payment service, before Diwali. RBI has approved PhonePe as an online aggregator. Since then, this company will now provide the facility to collect and settle the shopkeepers and businessmen easily. Till now it was approved for online payment only and only.

On Friday, PhonePe has been allowed to work as an online payment aggregator. With this, the company will be able to expand its merchant network, focusing on small and medium businesses (SME), Chief Executive Officer (CBO) of Merchant Business of Merchant Business (CBO) Yuvraj Singh Shekhawat said that with this aggregator, Phonpee will be in the position of providing good service in the SME segment, especially in the SME segment, which did not get better services earlier.

After this decision, PhonePe will help to increase its payment gateway further. This gateway gives a smooth checkout experience to immediately onboard merchants, easy integration and payment success rate for developers. PhonePe, which started in 2016, is one of the largest fintech companies in India. It has more than 65 crore registered users, a network of 4.5 crore merchants and more than 36 crore daily transactions. Its portfolio is spread to payments, lending, insurance distribution, wealth products, hyperlocal e-commerce (PINCode) and Indus Appstore.

Online Payment Agriculture

Online payment aggregator is a service that helps businesses (merchants) to accept online payments from its customers easily.

1. Adding merchants- Someone signs up with a business (such as online store) payment aggregator. The aggregator onboard the merchant on their platform, which has verification of KYC and business details.
2. Payment Gateway Integration- The Agriculture integrates its payment gateway in the website or app of the merchant. This is a kind of digital "cash counter".
3. Multiple Payment Options- The aggregator supports many payment methods like credit/debit card, UPI, net banking, wallets like PhonePe, Google Pay etc. Customer selects the payment option of its choice.
4. Payment Processing- On the payment of the customer, the aggregator processes the money. It coordinates with banks, card networks such as visas, master cards and other financial companies. When the payment is successful, the user gets confirmation, as well as if the payment has been rejected, then the reason for it is also said.