RBI
RBI grants in-principle nod to Axis Bank's Freecharge as payment aggregator
17 October 2026 · The Economic Times
Axis Bank's Freecharge has received in-principle approval from the RBI to operate as a payment aggregator. The approval comes as Axis Bank expands its digital payments business, including UPI and merchant acquiring.
Points to Remember
- Freecharge, owned by Axis Bank, has received in-principle approval from RBI to function as a payment aggregator.
- Payment aggregators enable merchants to accept online payments through multiple instruments and channels.
- Axis Bank reported 34% year-on-year growth in total UPI transaction value in the July-September quarter (Q2FY27).
- The bank held about 38% market share by volume in the UPI payer PSP segment and about 25.7% share in terminal acquiring (RBI data, August 2026).
- Digital transactions formed 98% of individual customers' total financial transactions; Axis Mobile had about 16 million monthly active users, of which around 12 million were non-Axis customers.
Why it matters
With Freecharge entering the payment aggregator space, merchant onboarding and online payment flows may shift, so expect more customer and merchant queries about payment options and settlement.
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