PhonePe gets in principle approval as an Account Aggregator from RBI
National, August 26th, 2021: PhonePe Account Aggregator Pvt Ltd, a fully owned subsidiary of the PhonePe Group, today announced that it has got an in-principle approval from RBI to operate as an Account Aggregator (AA). The licence permits PhonePe to launch its Account Aggregator platform that will enable 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 help Indian consumers avail financial services in a faster, cheaper and more convenient manner.
Commenting on the development, Rahul Chari CTO and Co-founder of PhonePe said, ”The Account Aggregator licence will allow us to play a pivotal role in shaping the emergent Account Agrregator 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 India’s largest digital payments platform with over 300 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, debt funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 600 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus etc. directly from within the PhonePe mobile app. PhonePe is accepted at 20+ million of merchant outlets across India.