PhonePe Account Aggregator, an entirely owned subsidiary of the PhonePe Group, has received in-principle approval from RBI to operate as an Account Aggregator (AA).

The licence permits PhonePe to initiate its Account Aggregator platform that will facilitate free and instant exchange of financial data between the Financial Information Users (FIUs) and Financial Information Providers (FIPs) with due consent from customers, in a safe and secure manner. This will aid Indian consumers avail financial services in a faster, cheaper and more convenient manner.

Responding on the development Rahul Chari CTO and Co-founder of PhonePe stated, “The Account Aggregator licence will allow us to play a pivotal role in shaping the emergent Account Aggregator ecosystem for consent-based financial data sharing. Our AA technology stack will enable any Financial information user (FIU) to instantly retrieve financial information with customer consent from the Financial information provider (FIP). We are looking forward to working closely with all the industry stakeholders to take forward RBI’s vision of driving deeper financial inclusion across the country.’’

PhonePe is a principal digital payments platform with more than 300 million registered users.