RBI Approves Phi Commerce for Payment Aggregator License

Phi Commerce, a Pune-based digital payments company, has received final approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA). The company had previously secured in-principle approval from the regulator in February 2023.

Under the RBI’s payment aggregator framework, introduced in 2020, only approved entities are permitted to acquire and offer payment services to merchants, ensuring regulatory oversight and compliance.

Phi Commerce, known for its omnichannel payment platform catering to online, point-of-sale, and doorstep delivery channels, serves a wide range of enterprise clients across industries, including government, retail, BFSI and utilities.