PhonePe launches Account Aggregator services
18 October 2024
Digital payments major PhonePe on Tuesday announced the launch of its Account Aggregator (AA) services through a wholly-owned subsidiary, PhonePe Technology Services Pvt Ltd (PTSPL). An account aggregator is an RBI-regulated entity that helps individuals access and share financial information digitally after their consent for such services has been obtained. Bengaluru-based PhonePe had received in-principal approval for the NBFC-AA license back in 2021. PhonePe’s AA service, launched as a mini-app on the main PhonePe Payments App, will allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies, and tax filings, with other regulated institutions or FIUs (Financial Information Users). The data can be used to apply for loans, buy insurance policies, and get investment advice.
Digital payments major PhonePe on Tuesday announced the launch of its Account Aggregator (AA) services through a wholly-owned subsidiary, PhonePe Technology Services Pvt Ltd (PTSPL). An account aggregator is an RBI-regulated entity that helps individuals access and share financial information digitally after their consent for such services has been obtained. Bengaluru-based PhonePe had received in-principal approval for the NBFC-AA license back in 2021. PhonePe’s AA service, launched as a mini-app on the main PhonePe Payments App, will allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies, and tax filings, with other regulated institutions or FIUs (Financial Information Users). The data can be used to apply for loans, buy insurance policies, and get investment advice.
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